Zurich and Mercer have announced that they are partnering to provide a new savings platform in the Middle East.
Zurich’s ‘MySavings’ will offer a range of investment solutions designed and managed by Mercer with Zurich proving the administration and record-keeping services.
MySavings will give Middle East -based employees exclusive access to a bespoke range of Mercer investment solutions. The proposition is based on Mercer’s investment ideas and manager research, covering more than 30,000 global investment strategies.
The combined scale and institutional buying power of Mercer ensures competitive pricing and reduces time spent evaluating different investment approaches and negotiating with managers,” Zurich said.
A YouGov survey commissioned by Zurich and Mercer in 2017 found that 78% of individuals think their employer should be doing more to help them prepare for their financial future.
Employees are increasingly looking to their employers to offer a cost effective way to assist with their long-term savings and an employer-facilitated savings plan can provide a key part of an overall remuneration package.
Walter Jopp, CEO, Zurich Middle East, said: “Partnering with Mercer helps address a known issue in the Middle East [as] there is an obvious need for quality, workplace savings and gratuity funding advice in the region, and our partnership with Mercer is an ideal fit.
“Zurich is a market leader in the international corporate savings market, with more than $4bn of assets under management for 730 companies and their 84,000 internationally mobile employees worldwide, and Mercer is a major provider of investment services with$227bn of assets under delegated management globally.”
Mustafa Faizani, CEO, Mercer Middle East, India, Africa and Turkey said that he believes that, MySavings can offer “flexible and tailored investment options” by segmenting employees based on their preferences.
“Some employees prefer to have decisions made for them, some simply want assistance in allocating investments and others prefer to make investment choices on their own.” he said.
Peter Cox head of international pension plans sales at Zurich, said: “In most developed economies, the facility to save through the workplace would be an accepted part of any employment package. However, across the Middle East, this important benefit is missing.
“For this reason, workers across the region have a real need for attractive workplace savings solutions, which could include the End of Service entitlement. Those employers who facilitate workplace savings will find that they become an employer of choice with significantly improved recruitment and retention results.”