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Mercer, the financial services consulting arm of Marsh McLennan, on Friday completed its acquisition of Vanguard’s Outsourced Chief Investment Officer business, appointing Mark Cordover, Mercer’s U.S. investment and retirement leader, to lead the business. announced that he had been appointed.
The OCIO division specializes in providing tailored investment management services to nonprofit organizations and other institutional investors throughout the United States. The acquisition, announced last December, expands Mercer’s capabilities in the U.S. investment market. Approximately 120 former Vanguard colleagues have joined Mercer. They will be based in Mercer’s offices in King of Prussia, Pennsylvania, and Phoenix, Arizona.
“I extend a warm welcome to Vanguard OCIO’s customers and colleagues who are joining Mercer today,” Cordover said in a statement. “The addition of these highly skilled investment professionals strengthens our perspective and enhances our ability to help a wide variety of institutional investors navigate the markets and achieve their financial goals.”
Customers transitioning from Vanguard can choose to maintain their existing investment strategy and team or consider Mercer’s other resources. The investment managers that oversaw these OCIO clients at Vanguard will continue to do so at Mercer, a company spokesperson said.
Mercer’s resources include investment talent, thought leadership, and solutions from third-party investment managers across a variety of asset classes, from traditional equities and fixed income to alternative investments such as infrastructure and private credit.
Shekhar Mukherjee, director of Clearwater Analytics, said when the deal was announced: reason That may be because the OCIO market has become a scale game, with the largest players having the infrastructure and scale to make the business work. Those companies include Mercer, BlackRock, Russell Investments and Goldman Sachs Group, some of which Clearwater works with as clients, he said.
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