Mercer finalises BT PPM business transfer

Mercer has announced the successful transfer of BT’s Private Portfolio Management (PPM) business from Westpac Group to Mercer.

Having first reached an agreement with Westpac Group in May to transition the business, Mercer was set to acquire PPM some time in the fourth quarter of 2023.

As such, PPM has now been rebranded as Mercer Private Portfolios, and will provide investors – such as not-for-profit organisations and high-net-worth clients – and their financial advisers with customised investment solutions to help them meet their investment goals.

Simon Eagleton, investments leader for Mercer’s Pacific business, said the firm was delighted to introduce Mercer Private Portfolios to the market and welcomed PPM’s clients and colleagues.

“Mercer Private Portfolios brings together the 50-year legacy of PPM’s high-quality service model and Mercer’s global expertise in investments, to deliver a compelling proposition to Australian wholesale investors and their advisers,” Mr Eagleton said.

“The private portfolio transition enables us to further innovate and enhance our overall investment product suite for the benefit of our clients.

“It complements our existing range of investment capabilities and provides a launching pad for Mercer to service the entire wholesale market, from large institutional clients to smaller, sophisticated investors such as high-net worth individuals and not-for-profits.”

Mercer confirmed that the transition has also involved the welcoming of several new colleagues from PPM, who are working to provide continuity of relationship management, client service, and operations support functions.

The announcement comes after the merger of BT Super into the Mercer Super Trust was completed in April.

According to the Marsh McLennan firm, the Mercer Super Trust is now one of the 15 largest funds in Australia with approximately 850,000 members and $63 billion total assets under management.

As a result of the scale benefit, members are expected to gain access to complementary limited financial advice regarding their superannuation.

Also in April, Mercer revealed the completed acquisition of BT’s specialist asset management business, Advance Asset Management, further expanding its capability as a multi-manager in Australia.