Key Takeaways
- • Mercer, the HR and wealth consulting unit of Marsh & McLennan, announced the acquisition of two investment consultancies: Winnipeg-based Pavilion Financial and St. Louis-based Summit Strategies.
- • Pavilion, founded in 2006 with 300 professionals across North America, London and Singapore, was ranked 13th worldwide for assets under advisement at US$685 billion, according to the primary source.
- • Pensions & Investments data cited in publisher context put outsourced CIO assets at $5.3 billion for Pavilion and $3.8 billion for Summit, both as of March 31.
- • Summit Strategies, founded in 1995, has approximately $160 billion under advisement and serves defined benefit plans, health systems, foundations and outsourced CIO clients.
- • Both transactions are expected to close in the fourth quarter of 2018.
Summary
Global HR consulting firm Mercer has announced the acquisition of two investment consultancies, Winnipeg-based Pavilion Financial and St. Louis-based Summit Strategies, strengthening the capabilities of its Wealth consulting division. Mercer, based in New York with 23,000 employees across 44 countries, offers advisory services across health, wealth and career, and serves a majority of the Fortune 1000.
Pavilion was founded in 2006 and has grown to roughly 300 professionals across offices in North America, London and Singapore. According to the primary source, the firm was ranked 13th last year for worldwide assets under advisement, at US$685 billion. Mercer Wealth president Rich Nuzum said Pavilion is a leading specialist in defined contribution, endowment and foundation, healthcare and insurance sectors in the US, with a strong presence in Canadian private wealth management, and highlighted its alternative investments capabilities. Pavilion President and CEO Daniel Friedman said combining the firms' knowledge base with Mercer's global research resources would enhance service across advisory and delegated services. Mercer will use the Pavilion brand to provide investment consulting to institutional nonprofit and insurance clients.
Summit Strategies, founded in 1995, has approximately $160 billion under advisement and supports institutional clients including defined benefit plans, health care systems, foundations, defined contribution plans and outsourced chief investment officer services. Nuzum described Summit as a strong investment consultant in the not-for-profit space with notable alternatives capabilities for hospitals and foundations. Summit Founder and Principal Steve Holmes said the combination would provide access to Mercer's global research footprint and technology platform.
Publisher context citing Pensions & Investments data reports outsourced CIO assets of $5.3 billion at Pavilion and $3.8 billion at Summit, both as of March 31. Both transactions are expected to close in the fourth quarter of 2018.
Pavilion was founded in 2006 and has grown to roughly 300 professionals across offices in North America, London and Singapore. According to the primary source, the firm was ranked 13th last year for worldwide assets under advisement, at US$685 billion. Mercer Wealth president Rich Nuzum said Pavilion is a leading specialist in defined contribution, endowment and foundation, healthcare and insurance sectors in the US, with a strong presence in Canadian private wealth management, and highlighted its alternative investments capabilities. Pavilion President and CEO Daniel Friedman said combining the firms' knowledge base with Mercer's global research resources would enhance service across advisory and delegated services. Mercer will use the Pavilion brand to provide investment consulting to institutional nonprofit and insurance clients.
Summit Strategies, founded in 1995, has approximately $160 billion under advisement and supports institutional clients including defined benefit plans, health care systems, foundations, defined contribution plans and outsourced chief investment officer services. Nuzum described Summit as a strong investment consultant in the not-for-profit space with notable alternatives capabilities for hospitals and foundations. Summit Founder and Principal Steve Holmes said the combination would provide access to Mercer's global research footprint and technology platform.
Publisher context citing Pensions & Investments data reports outsourced CIO assets of $5.3 billion at Pavilion and $3.8 billion at Summit, both as of March 31. Both transactions are expected to close in the fourth quarter of 2018.
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