Big US asset supervisor and pension consultancy Mercer has agreed to amass UK pensions threat and funding administration agency Cardano Group, for an undisclosed sum.
Phrases of the transaction, which is anticipated to shut late this yr topic to regulatory approvals, weren’t revealed.
Based in 2000, Cardano is a long-term financial savings specialist within the UK and the Netherlands, with roughly $66bn (£52bn) in belongings beneath administration.
Cardano provides a spread of fiduciary administration, funding advisory companies, and liability-driven investing and derivatives options to each DB and DC pension schemes within the UK and the Netherlands, the 2 largest pensions markets in Europe.
Cardano acquired office pension supplier Now Pensions 5 years in the past, which implies it operates the third largest UK grasp belief platform, serving greater than two million savers throughout 27,000 employers.
Michael Dempsey, Mercer’s wealth president, mentioned: “The acquisition and alignment of our experience and capabilities represents a novel and well timed mixture to assist pension purchasers and different institutional buyers and their evolving wants.”
Benoit Hudon, Mercer’s UK president and chief government, mentioned: “Our mixed expertise and capabilities will place Mercer because the pension supplier of alternative within the UK and the Netherlands. This can permit us to proceed to increase globally past pensions to serve different giant asset homeowners, together with endowments and foundations, household places of work and insurers.”
Michaël De Lathauwer, Cardano Group’s chief government, mentioned: “We share an aligned tradition with Mercer and collectively, we’re dedicated to being one of the best options supplier for UK and Dutch pension schemes. We look ahead to being one multi-disciplinary group and serving to our purchasers navigate the evolving pension and funding panorama.”
As a part of the settlement, roughly 550 Cardano colleagues in London, Nottingham and Rotterdam will be part of Mercer, upon completion of the transaction.
Mercer is owned by Marsh McLennan, an expert companies agency within the areas of threat, technique and folks, which has greater than 85,000 employees and annual income of $23bn (£18bn).
