(updated with clarification)
P-Solve acquired specialist insurance consultant Meridian Consultancy, creating a new London-based company called P-Solve Meridian, said Kate Miller, director and head of the new consultancy.
Financial terms of the transaction were not disclosed.
P-Solve Meridian has about £6 billion ($9.4 billion) in insurance assets under advisement. The transaction is part of P-Solve's efforts to build its insurance advisory team, both in the U.S. and overseas, Ms. Miller said in a telephone interview.
Meridian's clients, which include Lloyd's insurance syndicates, have investment portfolios that range from about £250 million to £2.5 billion, said David Osborne, founder of Meridian who will continue as a consultant to the new firm. The merger also will allow the new firm to provide broader advisory services and specialist capabilities in areas such as investment research, asset allocation and the use of derivatives to manage risk, Mr. Osborne and Ms. Miller said.
“Our view is that insurance (portfolio management) is a very specialized area, and to some extent, it's very different from pensions” portfolio management, Ms. Miller said. “Particularly at the moment, in which investments are very crucial to the bottom line (of insurance companies), we think there's a lot of demand for investment advice.”
