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.