NORDICS - Mercer Investment Consulting has expanded its Nordic operations with the acquisition of Sweden-based MPIR Investment Services AB (MPIR) - the second largest local consultant in the Nordics.
The three-strong MPIR team comprising Jonas Arsjo, CEO and senior consultant, Niclas Sundberg and Krister Carlsson, both senior consultants, will now work under the Mercer IC brand.
The acquisition represents an expansion into the Nordics market and is the first time Mercer has had a physical presence in Sweden.
Andrew Kirton, European head of Mercer, commented on the arrangements: “We reached a commercial agreement which they [MPIR] would join Mercer which both sides feel are satisfactory.
“MPIR are their own company and we have employed them, but it presumably becomes a shell company. In effect what we have done is buy the company.
He added: “MPIR has a well-developed presence locally but they may struggle as a small consultancy to cover the ground - intellectual capital wise - particularly on the manager side. The expertise they can tap into in the wider Mercer team is a big attraction.”
The current alliance between Hewitt Associates and Wassum, the largest local consultant in the Nordics market, set up five years ago for similar reasons might, according to Kirton, have influenced MPIR’s decision.
“In 2005 we experienced strong demand in the Nordic markets, which we believe have substantial growth potential,” said Nicolai Berg, Nordic head of Mercer IC. “We are committed to building critical mass and enhancing our knowledge and research of the market.”
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