Key Takeaways
- • Marsh, the investment business formerly operating under Mercer, Marsh McLennan, Oliver Wyman and other units, has agreed to acquire investment consulting firm Wilshire, with closing expected in the first quarter of 2027 pending regulatory approvals.
- • Wilshire manages $221 billion in assets and advises on $1.6 trillion, with clients including CalPERS, the Ohio Police & Fire Pension Fund, the Illinois Municipal Retirement Fund and the Kentucky Public Pensions Authority.
- • The deal expands Marsh's investments business into the adviser-led wealth channel while strengthening its institutional offering, combining Wilshire's analytics, asset management, consulting, OCIO and index capabilities.
- • The transaction adds to consolidation in investment consulting, following Creative Planning's September agreement to acquire RVK Inc. as registered investment advisers push into institutional advisory.
- • Wilshire's prior divestitures of its index business, including sales to VettaFi, Wilshire Advisors and ISS STOXX, mean the acquired firm centers on consulting, OCIO and asset management rather than indexes.
Summary
Marsh, the investment business formerly known by its separate units including Mercer, Marsh McLennan and Oliver Wyman, announced Tuesday that it has entered into an agreement to acquire investment consulting firm Wilshire. According to Marsh's statement, the transaction is expected to close in the first quarter of 2027, subject to regulatory approvals. The acquisition is intended to expand Marsh's investment business into the adviser-led wealth business while strengthening its offering to institutional investors.
John Doyle, president and CEO of Marsh, said combining Wilshire's capabilities with Marsh's global reach, open architecture and expertise across public and private markets would help clients build resilient portfolios in an increasingly complex investment environment. Wilshire, which has spent more than five decades building institutional-quality investment capabilities, manages $221 billion in assets and advises on $1.6 trillion. Its capabilities span analytics, asset management, consulting, outsourced CIO and indexes. Jason Schwarz, Wilshire's CEO, said the firm would extend its platform and serve clients across the investment value chain through Marsh's resources. Wilshire's team, based in the United States, Europe and Asia, will join Marsh upon completion.
The deal reflects broader consolidation in investment consulting toward firms that combine consulting, OCIO, retirement services, private-market expertise and wealth management. Registered investment advisers are also seeking institutional consulting growth; Creative Planning announced in September an agreement to acquire RVK Inc. Mike Scotto, managing partner at Highlight Advisors, said large acquisitions are an efficient route to asset management growth for platforms built around OCIO funds, and that more such mergers are likely as larger players match each other. Brad Alford, founder of Alpha Capital Management, described the deal as bringing together two highly regarded firms in institutional consulting and OCIO, noting that some institutional investors value scale while others prefer boutique specialization.
Wilshire has already divested much of its index business this year. VettaFi, a TMX Group subsidiary, acquired its Global Listed Infrastructure Organization index family; Wilshire Advisors LLC bought flagship offerings including the Wilshire 5000 Index Series and Wilshire Real Estate Index Series; and ISS STOXX acquired the W+ custom index platform. Wilshire's clients include CalPERS, the Ohio Police & Fire Pension Fund, the Illinois Municipal Retirement Fund and the Kentucky Public Pensions Authority.
John Doyle, president and CEO of Marsh, said combining Wilshire's capabilities with Marsh's global reach, open architecture and expertise across public and private markets would help clients build resilient portfolios in an increasingly complex investment environment. Wilshire, which has spent more than five decades building institutional-quality investment capabilities, manages $221 billion in assets and advises on $1.6 trillion. Its capabilities span analytics, asset management, consulting, outsourced CIO and indexes. Jason Schwarz, Wilshire's CEO, said the firm would extend its platform and serve clients across the investment value chain through Marsh's resources. Wilshire's team, based in the United States, Europe and Asia, will join Marsh upon completion.
The deal reflects broader consolidation in investment consulting toward firms that combine consulting, OCIO, retirement services, private-market expertise and wealth management. Registered investment advisers are also seeking institutional consulting growth; Creative Planning announced in September an agreement to acquire RVK Inc. Mike Scotto, managing partner at Highlight Advisors, said large acquisitions are an efficient route to asset management growth for platforms built around OCIO funds, and that more such mergers are likely as larger players match each other. Brad Alford, founder of Alpha Capital Management, described the deal as bringing together two highly regarded firms in institutional consulting and OCIO, noting that some institutional investors value scale while others prefer boutique specialization.
Wilshire has already divested much of its index business this year. VettaFi, a TMX Group subsidiary, acquired its Global Listed Infrastructure Organization index family; Wilshire Advisors LLC bought flagship offerings including the Wilshire 5000 Index Series and Wilshire Real Estate Index Series; and ISS STOXX acquired the W+ custom index platform. Wilshire's clients include CalPERS, the Ohio Police & Fire Pension Fund, the Illinois Municipal Retirement Fund and the Kentucky Public Pensions Authority.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.