Anglican National Super selected Mercer Super Trust to manage its A$250 million ($178.2 million) in superannuation assets, James Flavin, Anglican National Super's chairman, confirmed Monday.
Mercer replaces AMP as manager. Mr. Flavin in a phone interview said it was tough choosing between AMP and Mercer's competitive bids but the board – which meets in Sydney — concluded that Mercer offered a stronger value proposition for the future.
AMP, in a statement forwarded by a spokeswoman, said the firm has delivered solid returns to Anglican members for many years and will focus on continuing to provide that service to clients. AMP's total corporate super fund assets under management stand at roughly A$32 billion.
The spokeswoman couldn't immediately provide further details on investment returns.
Anglican National's move comes on the heels of royal commission inquiry into financial sector misconduct in Australia earlier this year that shone a relatively harsh light on the practices of bank-backed, for-profit super funds.
Representatives for Anglican National, AMP and Mercer declined to say whether the commission's findings had been a factor in the switch.
Ben Walsh, managing director and chief executive of Mercer Australia, in a Mercer news release, noted that Mercer has more than US$240 billion in delegated assets under management globally.