Mercer has completed its acquisition of Cardano though terms of the transaction were not disclosed.
According to Mercer, Cardano’s acquisition enhances its position as a provider of pension services in the UK and the Netherlands, as well as advisory and investment solutions for institutional investors globally.
Cardano’s UK Defined Contribution (DC) Master Trust, Now:Pensions, will increase the selection of DC Master Trust solutions that Mercer’s clients in the UK can choose from with this transaction. These alternatives will include auto-enrolment and customised services.
Over 550 workers from Cardano in London, Nottingham, and Rotterdam will join Mercer as part of the agreement.
Michael Dempsey, Mercer’s Wealth President, said: “We welcome Cardano’s talented colleagues and their clients. Together, we will be well positioned to deliver greater value and meet the evolving needs of our clients. Our combined capabilities and resources will create a broad and relevant suite of investment solutions to support institutional investors and a timely partnership in working with large asset owners across the world.”
Mercer UK president and CEO Benoit Hudon says: “This is an important milestone on Mercer’s strategic path and will allow us to have a greater role in filling the savings gaps in the UK. With the addition of Cardano’s talent and capabilities, we will have one of the broadest pension and investment offerings in the UK marketplace.”
Cardano Group CEO Michaël De Lathauwer says: “Getting to know Mercer throughout this process has reinforced my view that we are stronger together. I am excited for our future and serving clients with our enhanced investment, advisory and DC capabilities so that they can better navigate today’s complex financial markets.”
