Health insurer Medibank Private has hired Mercer to provide the firm with investment advice for its $1 billion portfolio.
Mercer was chosen because of its global investment reach and experience advising health and general insurers, according to Medibank Private's chief financial officer Michael Sammells.
Mercer will initially assess Medibank Private's portfolio in order to develop an investment strategy consistent with the insurer's liquidity requirements and risk tolerance.
Mercer will also review the insurer's governance structure and provide ongoing monitoring and reporting.
Mercer has won a raft of mandates over the past two weeks. Its superannuation administration business picked up mandates with the Insurance Australia Group, NRMA Superannuation Plan and financial services firm the Guild Group.
During the past five years, Mercer has broadened its clients from the traditional superannuation funds, Mercer head of investment consulting Simon Eagleton said.
"We have very successfully broadened our institutional investor client base to include some of Australia's leading insurers, university endowments, charities and wealth management companies," Eagleton said.
