US - Mercer has completed its acquisition of US investment consultancy Evaluation Associates from Milliman.
In a related transaction, Callan Associates has acquired Evaluation Associates' public sector investment consulting business.
The deal, which was completed for an undisclosed sum, marks Mercer's second acquisition of an investment consulting firm in 2011 and follows the purchase of Hammond Associates in January
Connecticut-based Evaluation Associates has assets under advisement of $200bn and is ranked the 17th largest investment consulting firm worldwide. Mercer has assets under advisement of $3.7trn.
The consultant said the latest deal would help strengthen its investment consulting practice in the US.
"Evaluation Associates' work in the wealth management segment complements the capabilities brought to Mercer by Hammond Associates, which was acquired earlier this year," said Mercer's US investment consulting leader Jeff Schutes.
"We feel that this latest acquisition will strengthen our US investment consulting capabilities across important and growing client segments and expands our defined benefit and defined contribution consulting position."
Scale is of growing importance in investment consulting as clients seek diversification globally and demand a firm with expertise in alternatives. Not only does this acquisition provide Mercer with additional opportunity to build out our US capabilities, but it also makes available to Evaluation Associates clients the full global resources that Mercer can offer, including expertise in alternatives."
Schutes added: "This deal structure also illustrates Mercer's willingness to look at a wide variety of US investment consulting acquisition opportunities, including firms with public sector clients. By structuring this transaction in coordination with Callan, we were able to complete the acquisition of Evaluation Associates' client base in a way that was advantageous to both firms, and to ensure that all Evaluation Associates clients benefit from a seamless transition."
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