As recordkeepers continue to consolidate, looking for economies of scale, entrees into new niche markets, and additional services to add to their quivers, Mercer has announced that it has entered a strategic alliance with Transamerica.
According to Mercer, Transamerica will acquire Mercer’s U.S. defined contribution (DC) administration book of business, and it will also become Mercer’s preferred DC recordkeeping provider.
The transaction is expected to close by the end of 2015.
Global consultant Mercer, a wholly owned subsidiary of Marsh & McLennan Companies, has more than 20,000 employees based in 43 countries.
The firm operates in over 140 countries. Aligning its U.S. business with Transamerica offers the opportunity to add additional retirement planning and reporting capabilities, mobile account management and retirement counseling services to the services it offers, while providing Transamerica the chance to expand its market presence.
Mercer’s U.S. DC retirement administration business has more than $71 billion in plan assets, 148 clients and more than 917,000 participants.
In August, retirement plan advisory firm CAPTRUST announced that it had merged with MFP Strategies, after acquiring a stake in Pensionmark back in March. And in June, OneAmerica agreed to acquire BMO Retirement Services from BMO Global Asset Management, after having acquired City National Bank’s retirement services division the previous year.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.