Westpac Banking Corporation (ASX: WBC) announced the merger of BT's personal and corporate superannuation funds with Mercer Super Trust and the sale of its Advance Asset Management (Advance) business to Mercer Australia. The merger and sale were initially announced on May 26, 2022.
The company anticipates reporting an after-tax gain on the sale of advance as a significant item. Westpac's common equity Tier 1 capital ratio increased by about eight basis points due to the sale and merger. The merged fund manages approximately AU$63 billion in assets and helps more than 850,000 Australians prepare for retirement.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
