Mercer, a business of Marsh McLennan, is to acquire Cardano, owner of the third largest UK master trust platform, Now: Pensions.
Cardano was established in 2000 and specialises in long-term savings in the UK and the Netherlands, managing around $66 billion in assets. It caters to over two million savers and 27,000 employers through Now: Pensions.
As part of the agreement, around 550 Cardano employees in London, Nottingham and Rotterdam will join Mercer. The transaction details, anticipated to be finalised by late 2024 pending regulatory clearance, remain undisclosed.
Mercer wealth president Michael Dempsey says: “We are excited about the opportunity to welcome Cardano to our Wealth business, which brings with it a high-quality team and complementary range of specialist investment capabilities. The acquisition and alignment of our expertise and capabilities represents a unique and timely combination to support pension clients and other institutional investors and their evolving needs.”
“Our combined talent and capabilities will position Mercer as the pension provider of choice in the UK and the Netherlands. 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,” said Benoit Hudon, Mercer’s UK President and CEO. “As always, our aspiration is to drive even greater value for our institutional investor clients and help deliver brighter futures for millions of savers.”
Cardano Group CEO Michaël De Lathauwer says: “Mercer is the ideal long-term home for our business and clients. 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.
“I am thrilled our clients and colleagues will have access to everything Mercer offers, including global resources, a deep bench of investment talent, strategic advice, manager research and alternative investment advice. We look forward to being one multi-disciplinary team and helping our clients navigate the evolving pension and investment landscape.”
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