Key Takeaways
- • Marsh announced on Nov. 10, 2026 that it will acquire Wilshire Advisors, with the deal expected to close in the first quarter of 2027; financial terms were not disclosed.
- • Wilshire reported $1.6 trillion in worldwide assets under advisement (AUA) and $221 billion in assets under management as of June 30, 2026, against Marsh's $16.2 trillion in worldwide assets under advisement as of June 30, 2025, according to P&I data.
- • Executives from both firms describe the combination as complementary: Marsh brings global scale across more than 130 countries, while Wilshire brings specialized expertise in the adviser-led wealth market.
- • Both firms report long-standing client relationships and very little client overlap, which Wilshire CEO Jason Schwarz said speaks to the strategic fit.
- • The deal advances Marsh's push into wealth management and model portfolios, a strategy global CIO Niall O'Sullivan previously outlined in April.
Summary
Marsh's planned acquisition of Wilshire Advisors was driven by the businesses' "complementary nature," according to senior leaders from both firms, Pensions & Investments reported. Marsh announced the deal on Nov. 10, 2026, and expects it to close in the first quarter of 2027. The financial terms were not disclosed.
Marsh is the largest global investment consulting firm, with $16.2 trillion in worldwide assets under advisement as of June 30, 2025, per P&I data. Wilshire had $1.6 trillion in worldwide AUA and $221 billion in AUM as of June 30, 2026. Wilshire CEO Jason Schwarz and Michael Dempsey, Marsh's president of investments and retirement, told P&I that Wilshire's expertise in the adviser-led wealth market, and its position at the intersection of wealth, retirement and the intermediaries segment, was a key attraction. Schwarz said the deal "creates a whole new set of opportunities" and that Marsh's global reach would allow Wilshire to "amplify what we're already doing today, but on a global scale." Marsh serves clients in more than 130 countries, while Wilshire focuses predominantly on the U.S.
The two firms overlap in consulting and OCIO services, Dempsey acknowledged, but both describe long-standing, client-first relationships with very little overlap in their client bases. Schwarz said instances of clients using services from both firms were relatively limited. Wilshire is well known in the U.S. public pension market, which Dempsey described as complementary to Marsh's own business, while noting Marsh has long worked with public pension plans on investment consulting, implementation support and operational due diligence.
The deal fits a broader Marsh strategy. Global CIO Niall O'Sullivan told P&I in April that the firm was diversifying away from defined benefit work toward defined contribution strength in the U.K. and U.S., and was looking to extend its model into wealth management, including through model portfolios. Marsh has made other recent acquisitions with international reach, including U.K. and Dutch retirement specialist Cardano, Madrid-based private markets manager AltamarCAM, and SECOR Asset Management, which has offices in New York and London. Dempsey said clients increasingly want "more breadth and more depth" from their partners as portfolios grow more complex across public and private markets, particularly in alternatives. He added that combining with Wilshire "strengthens that platform and puts us in a position to be able to support our clients collectively."
Marsh is the largest global investment consulting firm, with $16.2 trillion in worldwide assets under advisement as of June 30, 2025, per P&I data. Wilshire had $1.6 trillion in worldwide AUA and $221 billion in AUM as of June 30, 2026. Wilshire CEO Jason Schwarz and Michael Dempsey, Marsh's president of investments and retirement, told P&I that Wilshire's expertise in the adviser-led wealth market, and its position at the intersection of wealth, retirement and the intermediaries segment, was a key attraction. Schwarz said the deal "creates a whole new set of opportunities" and that Marsh's global reach would allow Wilshire to "amplify what we're already doing today, but on a global scale." Marsh serves clients in more than 130 countries, while Wilshire focuses predominantly on the U.S.
The two firms overlap in consulting and OCIO services, Dempsey acknowledged, but both describe long-standing, client-first relationships with very little overlap in their client bases. Schwarz said instances of clients using services from both firms were relatively limited. Wilshire is well known in the U.S. public pension market, which Dempsey described as complementary to Marsh's own business, while noting Marsh has long worked with public pension plans on investment consulting, implementation support and operational due diligence.
The deal fits a broader Marsh strategy. Global CIO Niall O'Sullivan told P&I in April that the firm was diversifying away from defined benefit work toward defined contribution strength in the U.K. and U.S., and was looking to extend its model into wealth management, including through model portfolios. Marsh has made other recent acquisitions with international reach, including U.K. and Dutch retirement specialist Cardano, Madrid-based private markets manager AltamarCAM, and SECOR Asset Management, which has offices in New York and London. Dempsey said clients increasingly want "more breadth and more depth" from their partners as portfolios grow more complex across public and private markets, particularly in alternatives. He added that combining with Wilshire "strengthens that platform and puts us in a position to be able to support our clients collectively."
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