media release



14 June 2022   


HESTA and Mercy Super announce plan to merge


HESTA and Mercy Super have signed a letter of intent to merge via a successor fund transfer.


A successful merger would see 13,000 Mercy Super members transferred to HESTA, creating a fund with almost $70b funds under management and delivering benefits of scale to members.


Subject to completion of a range of conditions including due diligence by both parties and execution of a Successor Fund Transfer Deed, the Funds aim to complete the merger before the end of the year.


HESTA CEO Debby Blakey said the merger provides a range of benefits to both Funds’ members and builds on HESTA’s strong growth[1] and long-standing links in the Queensland community.


“I’d like to acknowledge the excellent service Mercy Super provides its members and the strong alignment we share through our focus on delivering better retirement outcomes for members and our dedication to serving the health sector,” Ms Blakey said.


“Mercy Super has built an incredible legacy since its creation in 1962. We’re thrilled at the prospect that their members could be part of a merged fund that shares this long-term focus and commitment over many years to delivering strong, sustainable investment performance.


“This merger is the start of a wonderful new chapter of our growth that we believe will benefit members and continue to position HESTA as the fund of choice for those wanting their super to have impact.”


Mercy Super CEO Wendy Tancred said the merger had been strategically planned as the next logical step to ensure that their members’ super remained strong and sustainable into the future.


The fund conducted analysis of all relevant funds matching its selection criteria for scale and delivery of improved member outcomes. The Mercy Super Board chose to enter into exclusive discussions with HESTA due to its strong track record of performance, future sustainability and deep links to the health sector.


“In HESTA we have chosen a top performing fund that shares our same commitment to the health sector and those working in it,” Ms Tancred said.


“We’re confident our members will continue to enjoy even better retirement outcomes through a winning combination of strong performance and low fees in a like-minded fund where the cultural fit is strong.


“We’ll keep our members informed as we work through the merger and formal agreements are reached. In the meantime, it’s business as usual for our members.”


[1] HESTA is one of the fastest growing funds in the country enjoying 3.83% growth in member accounts in FY 2021. Source:




About Mercy Super


Mercy Super was established in 1962 by the Sisters of Mercy Queensland to provide benefits for employees of Brisbane’s Mater Hospital and other Sisters of Mercy organisations. The fund was well ahead of its time with compulsory super not being commonplace in Australia for another 30 years.


Mercy Super’s core purpose and passion has remained unchanged – to build better retirement outcomes for a unique community of members. Caring for its exceptional members who are dedicated to caring for others, Mercy Super has been operating on-site from Mater Hospital’s South Brisbane campus ever since and has around 13,000 members who work in health, aged care, education, community welfare and approx. $1.7 billion in funds under management. Mercy Super is a Platinum rated super fund as assessed by ratings agency SuperRatings, with consistent above median investment performance delivered for its members.


Media contact:

Sam Riley

General Manager Media Relations

(03) 8660 1684


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