Mercer (a business of Marsh McLennan and a leader in reshaping retirement and investment outcomes and unlocking real health and well-being) announced that it reached an agreement to acquire Cardano. Launched in 2000, Cardano is a long-term savings specialist in the UK and the Netherlands, with about $66 billion in assets under management.
The terms of the transaction, which is expected to close near the end of 2024, subject to regulatory approvals, were undisclosed.
Cardano provides a range of fiduciary management, investment advisory services, and liability-driven investing and derivatives solutions to both defined benefit (DB) and defined contribution (DC) pension schemes in the UK and the Netherlands, the two largest pensions markets in Europe. And Cardano adopts a differentiated model, offering a combination of direct investment capabilities and external manager selection, and deep pension expertise, a solutions mindset, and a long heritage in sustainability. Through NOW: Pensions, Cardano provides the third largest UK master trust platform, serving over two million savers across 27,000 employers, with leadership in the structurally growing auto-enrollment market.
As part of the agreement, about 550 Cardano colleagues in London, Nottingham and Rotterdam will join Mercer, upon completion of the transaction.
KEY QUOTES:
“We are excited about the opportunity to welcome Cardano to our Wealth business, which brings with it a high-quality team and complementary range of specialist investment capabilities. The acquisition and alignment of our expertise and capabilities represents a unique and timely combination to support pension clients and other institutional investors and their evolving needs.”
- Michael Dempsey, Mercer’s Wealth President
“Our combined talent and capabilities will position Mercer as the pension provider of choice in the UK and the Netherlands. This will allow us to continue to expand globally beyond pensions to serve other large asset owners, including endowments and foundations, family offices and insurers. As always, our aspiration is to drive even greater value for our institutional investor clients and help deliver brighter futures for millions of savers.”
- Benoit Hudon, Mercer’s UK President and CEO
“Mercer is the ideal long-term home for our business and clients. We share an aligned culture with Mercer, focused on delivering excellent outcomes for clients, and together, we are committed to being the best solutions provider for UK and Dutch pension schemes. I am thrilled our clients and colleagues will have access to everything Mercer offers, including global resources, a deep bench of investment talent, strategic advice, manager research and alternative investment advice. We look forward to being one multi-disciplinary team and helping our clients navigate the evolving pension and investment landscape.”
- Michaël De Lathauwer, Cardano Group’s CEO
