Mercer, a Marsh McLennan business, has reached an agreement to acquire long-term savings specialist Cardano, including Now Pensions, for an undisclosed amount.

As part of the agreement, approximately 550 colleagues from across Cardano in London, Nottingham and Rotterdam will join Mercer, upon completion of the transaction.

The deal is expected to enable Mercer to extend its solutions across fiduciary management, defined benefit (DB) and defined contribution (DC) in the UK, the Netherlands and abroad.

Mercer also said that it will look to expand the range of clients it serves through its UK DC master trust business with the addition of Now Pensions, which partners primarily with startups and small and medium-sized enterprises.

The terms of the transaction, which is expected to close near the end of 2024 subject to regulatory approval, were not disclosed.

Commenting on the deal, Mercer wealth president, Michael Dempsey, said: "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.”

Adding to this, Cardano Group CEO, Michaël De Lathauwer, said: “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.”

---