US - Mercer Investment Consulting has acquired investment consultancy Evaluation Associates from Milliman for an undisclosed sum.
In a related transaction, Callan Associates will acquire Evaluation Associates' public sector investment consulting business, Mercer added.
Upon completion, the deal will mark Mercer's second acquisition of an investment consulting firm in 2011, having completed its acquisition of Hammond Associates in January. The firm said the latest deal further strengthens its investment consulting practice in the US and was an indication of its commitment to this business.
The acquisition is expected to close on or near the end of the second quarter of 2011.
"By cooperating on this transaction, Mercer and Callan are able to pursue their separate, strategic goals in the investment consulting market," Mercer said in a statement.
"The alliance between Mercer and Callan also helps to ensure that Evaluation Associates' public sector clients will benefit from a seamless and coordinated management transition.
Connecticut-based Evaluation Associates has assets under advisement of about $200bn and ranks as the 17th largest investment consulting firm worldwide.
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