Mercer is to acquire US-based investment consulting Summit Strategies Group as well as the investment and alternatives consulting operations of Canada’s Pavilion Financial Corporation, it announced today.
Pavilion advises on assets worth $685bn (€602bn), Mercer said. The transaction will also see Mercer acquire the Winnipeg-headquartered firm’s wealth management operations.
Rich Nuzum, president of Mercer’s global wealth business, said the company intended to use the Pavilion brand for investment consulting services provided to the institutional not-for-profit and insurance client sectors.
Nuzum said: “Pavilion is a leading global investment services firm with great leadership talent supporting strong consulting and research capabilities, particularly for alternative investments.
”In the US, Pavilion is a leading specialist in the defined contribution, endowment and foundation, healthcare and insurance sectors.”
The group also has offices in London and Singapore.
Based in the US state of Missouri, Summit had around $160bn under advisement as at the end of December 2017.
Nuzum highlighted Summit’s work in the not-for-profit segment “providing notable alternatives capabilities to hospitals and foundations”. It also provides consulting and fiduciary services to a range of institutional clients.
Steve Holmes, founder of Summit, added: “We believe that having a global research footprint and a robust technology platform will better position us to support our clients. We’re excited to join Mercer and be able to bring their research capabilities and spectrum of holistic offerings to our clients.”
Mercer has signed definitive agreements for both deals, according to a statement. Both transactions were expected to close in the fourth quarter of this year.
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