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Deals and People June 11, 2024
Mercer Reaches Deal to Buy UK Retirement Plan Consultant
Mercer parent Marsh McLennan acquires Cardano to expand retirement business across the Atlantic.
Reported by Noah Zuss
Marsh McLennan has announced it will acquire Cardano, a U.K.-based consultant to defined contribution and defined benefit retirement plans.
Terms of the transaction were not disclosed. The deal is expected to close near the end of 2024, subject to regulatory approvals, according to a Marsh McLennan press release.
“Our combined talent and capabilities will position Mercer as the pension provider of choice in the UK and the Netherlands,” said Benoit Hudon, Mercer’s U.K. president and CEO, in a press release. “This will allow us to continue to expand globally beyond pensions to serve other large asset owners, including endowments and foundations, family offices and insurers.”
Founded in 2000, Cardano is a privately-owned investment management and advisory business, focusing focus on risk and sustainability. Cardano specializes in supporting long-term savings, overseeing approximately $66 billion in assets under management, stated the press release.
Assisting more than two million long-term savers across 27,000 employers Cardano provides “leadership in the structurally growing auto-enrollment market,” the release added.
Cardano offers fiduciary management, investment advisory services and liability-driven investing and derivatives options to DB and DC plans in the U.K. and the Netherlands, the two largest pensions markets in Europe, the Mercer release stated.
In the U.K. Cardano’s flagship pensions product, NOW: Pensions, is the country’s third-largest master trust platform.
Per the agreement, nearly 550 Cardano employees, in London, Nottingham and Rotterdam will join Mercer, upon completion of the transaction, according to the press release.
“Mercer is the ideal long-term home for our business and clients,” Michaël De Lathauwer, Cardano Group’s CEO, said in the statement. “We share an aligned culture with Mercer, focused on delivering excellent outcomes for clients, and together, we are committed to being the best solutions provider for UK and Dutch pension schemes. We look forward to being one multi-disciplinary team and helping our clients navigate the evolving pension and investment landscape.”
Mercer employs more than 20,000 workers in 43 countries with operations in 130. Mercer is a business of professional services firm Marsh McLennan.
Representatives of Marsh McLennan had no additional comment on the acquisition.