Kogan.com Limited (Kogan.com, Kogan; ASX:KGN) together with leading superannuation expert Mercer, a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), have signed agreements that will see the launch of a new no frills, ultra-low fee Australian superannuation fund. Kogan Super will leverage Kogan.com’s digital efficiency to be one of Australia’s cheapest superannuation options.
David Shafer, Executive Director of Kogan.com, says he is delighted to be partnering with Mercer to bring Kogan Super to market.
“Mercer has been operating in Australia for more than 40 years; they have a strong history of innovation, and they are a clear leader in the provision of cost-effective and efficient Superannuation services. This partnership will deliver a no frills superannuation offering with ultra-low fees that will enable Aussies to retain and preserve more of their personal wealth.”
“Albert Einstein once said that ‘compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it’. Every Australian should consider whether the power of compounding is working for them through low fees, or against them through the ongoing erosion of their wealth by high fees. Kogan.com’s mission is to deliver price leadership through digital efficiency, and we are proud to be able to help Australians preserve more of their hard-earned money by delivering an ultra-low fee superannuation solution.”
Ben Walsh, CEO and managing director of Mercer, says the partnership marries Kogan.com’s expertise as an ecommerce leader with Mercer’s global scale and know-how as a leading superannuation administration, customer and investment services supplier.
“As one of the largest superannuation providers in Australia, with more than US$11 trillion under investment advisement and more than US$240 billion assets under delegated management globally, we are able to use our global scale and expertise to drive competition and get better results for clients and members.
“In an industry where scale and cost efficiencies count, this new alliance will enable Kogan to create value at scale through their trusted online brand and huge customer base.”
Under the agreement, Kogan.com will provide branding and marketing services, and Mercer will provide investment management, administration and customer service.
Further details of the Kogan Super offering will be released closer to the launch date, which is expected to be in early 2019.
Kogan Super will be an ultra-low fee superannuation fund, and will be aiming to manage a share of the 28.6 million Aussie superannuation accounts, which represent a combined total of more than $2.6 trillion in assets. With more than 1,450,000 active customers, Kogan.com is one of Australia’s largest ecommerce companies.
Tracey Hayward, Media & PR, Mercer
03 9623 5007 | 0437 576 209
Mercerdelivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Across the Pacific, organisations look to Mercer for global insights, thought leadership and product innovation to help transform and grow their businesses.
Mercer’s more than 23,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 65,000 colleagues and annual revenue over $14 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com.au.
Kogan.com is a portfolio of retail and services businesses that includes Kogan Retail, Kogan Marketplace, Kogan Mobile, Kogan Internet, Kogan Insurance, Kogan Travel and Kogan Money. Kogan is a leading Australian consumer brand renowned for price leadership through digital efficiency. The company is focused on making in-demand products and services more affordable and accessible. For more information, visit www.kogan.com.