Deal enhances leading position for Mercer in investment consulting for not-for-profit,pensions, alternatives and OCIO markets
Mercer’s global research capabilities complement Summit’s client expertise in healthcare, endowment and foundations segments
Mercer, a global consulting leader in advancing health, wealth and career, announced that it completed its acquisition of Summit Strategies Group (“Summit”), on November 15, 2018.
“We are pleased to announce the closing of this transaction, as we believe Summit’s high-touch client service experience coupled with Mercer’s global investment capabilities and world-class research will benefit our collective clients.” said Rich Nuzum, President of Mercer’s global wealth business. “We value client relationships and we are committed to maintaining the level and quality of service that Summit has always delivered. Clients will continue to work with their existing consulting team while also accessing Mercer’s global breadth and resources.”
On August 14, 2018, Mercer announced it had signed definitive agreements to acquire Summit as well as the investment consulting, alternatives consulting and wealth management operations of Pavilion Financial Corporation. The close of the Pavilion acquisition is expected during Q4 2018.
“What I appreciate most about this combination are the broad, tangible resources we will bring to clients. The breadth and depth of the on-line manager research generated daily by 150 dedicated research professionals is staggering. I have a client that wants to pursue a fund of one structure to reduce the administrative burden of their investment program. At Summit, we would have figured out how to do this, but Mercer’s already done it multiple times and has all of the necessary steps lined out.” said Steve Holmes, Principal and Founder, Summit. “Mercer is an esteemed organization with real resources that provide demonstrable benefits to clients. We’ve created a formidable, positive option for the marketplace.”
Terms of the agreement were not disclosed.
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of a changing workforce. Mercer’s more than 23,000 employees are based in 44 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With nearly 65,000 colleagues and annual revenue over $14 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.