The lift-out deal helps Mercer, it said, concentrate on its “core wealth businesses”.
Mercer in Australia is pivoting
towards its core wealth businesses as it transfers superannuation
administration operations to Apex Group, the financial
services provider.
The lift-out transaction, subject to regulatory approval, is
expected to be completed by the end of the first quarter of this
year, Apex said in a statement yesterday. The financial terms
were not disclosed.
Apex has 400 employees in Australia providing a range of
administration services to more than 800 funds within the
industry.
“Australia offers strong growth potential for us. The
superannuation technology and servicing sectors are a key
strategic focus for Apex Group,” Peter Hughes, CEO and founder of
Apex Group, said.
Antony Proksa, chief operating officer, Mercer Pacific, said:
“Mercer’s decision to transition our stand-alone superannuation
administration business aligns with our strategic objective to
focus on growing our core wealth businesses in superannuation and
investments, alongside Mercer Workforce Solutions and Mercer
Marsh Benefits.”
Apex works with asset managers, allocators, financial
institutions, and family offices. It was established in Bermuda
in 2003. In June 2024, Carlyle’s global credit business and the
private credit arm of Goldman Sachs committed more than $1.1
billion into the business. Apex has bought several firms. For
example, in 2023 it acquired Retransform, a global real estate
provider, from The Annet Group. In 2022 Apex bought
Mainspring, a UK-based provider of venture capital fund
administration and accounting services. Also in 2022, it acquired
Sanne, which provides alternative asset and corporate services.