Mercer confirmed it had won the tender to administer the Tower superannuation and KiwiSaver schemes while Aon is understood to have secured at least two former JM clients.
The Commonwealth Bank-owned ASB revealed its intention to shut down JM last August as it divested from ‘non core’ assets. It is understood the bank was unable to secure a buyer for JM, which was one of the major third-party administration services in New Zealand.
Shayne Bryant, ASB chief financial officer, said the wind-down has been going smoothly with transfers to other providers due for completion by the end of this year.
“There has been a long lead time since the exit was announced in August 2009,” Bryant said. “This means that clients have been able to work with the company to ensure a seamless transition, either back in-house, or to alternative third party providers.”
In September ASB also revealed it was in talks to sell its retail funds platform, Aegis, to the Perpetual Group, a subsidiary of New Zealand listed firm Pyne Gould Guiness.
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