Key Takeaways
- • Mercer has closed its acquisition of the investment, alternatives, and wealth management consulting operations of Winnipeg-based Pavilion Financial Corporation, effective November 30, 2018, with terms undisclosed.
- • Mercer also closed its acquisition of St. Louis-based Summit Strategies Group on November 15, 2018; Summit had about $160 billion under advisement.
- • Pavilion, founded in 2006, employed about 300 professionals and ranked 13th worldwide by assets under advisement in 2017 (US$685 billion), per the article.
- • The deal expands Mercer's Wealth business, which had more than $11 trillion in assets under advisement globally as of June 30, 2018.
- • Mercer will keep the Pavilion brand for its U.S. not-for-profit and insurance offerings.
Summary
New York-based human resources consultancy Mercer has completed its acquisition of the investment, alternatives, and wealth management consulting operations of Pavilion Financial Corporation, according to Consulting.ca. Mercer first announced the Pavilion deal on August 14, 2018, and the transaction closed effective November 30, 2018. Terms were not disclosed.
Pavilion, founded in 2006, grew to about 300 professionals with offices across North America, the UK, and Singapore. The firm was ranked 13th worldwide in 2017 by assets under advisement, at US$685 billion. Mercer said the acquisition strengthens its Wealth business, which covers investment consulting, retirement consulting, and pension plan advisory. Mercer had more than $11 trillion in assets under advisement globally as of June 30, 2018.
Rich Nuzum, President of Mercer's global wealth business, said Pavilion's strengths in healthcare, insurance, and endowment and foundation segments, combined with Mercer's global intellectual capital, will support customized solutions for clients. He said the integration will combine Pavilion's not-for-profit consulting and specialized alternatives advisory platform with Mercer's existing client offerings. Pavilion President and CEO Daniel Friedman said the Pavilion name will represent Mercer's U.S. not-for-profit and insurance offerings, and that wealth management clients will gain access to Mercer's retirement savings investment solutions.
Mercer also closed its acquisition of St. Louis-based investment consultancy Summit Strategies Group on November 15, 2018. Founded in 1995, Summit had about $160 billion under advisement and was a strong player in non-profit investment and alternatives. Nuzum said Summit clients will continue to work with their existing consulting teams while gaining access to Mercer's global resources.
Pavilion, founded in 2006, grew to about 300 professionals with offices across North America, the UK, and Singapore. The firm was ranked 13th worldwide in 2017 by assets under advisement, at US$685 billion. Mercer said the acquisition strengthens its Wealth business, which covers investment consulting, retirement consulting, and pension plan advisory. Mercer had more than $11 trillion in assets under advisement globally as of June 30, 2018.
Rich Nuzum, President of Mercer's global wealth business, said Pavilion's strengths in healthcare, insurance, and endowment and foundation segments, combined with Mercer's global intellectual capital, will support customized solutions for clients. He said the integration will combine Pavilion's not-for-profit consulting and specialized alternatives advisory platform with Mercer's existing client offerings. Pavilion President and CEO Daniel Friedman said the Pavilion name will represent Mercer's U.S. not-for-profit and insurance offerings, and that wealth management clients will gain access to Mercer's retirement savings investment solutions.
Mercer also closed its acquisition of St. Louis-based investment consultancy Summit Strategies Group on November 15, 2018. Founded in 1995, Summit had about $160 billion under advisement and was a strong player in non-profit investment and alternatives. Nuzum said Summit clients will continue to work with their existing consulting teams while gaining access to Mercer's global resources.
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