Marsh & McLennan Agency, White Plains, N.Y., said Tuesday it had acquired Compass Financial Partners, a retirement consulting and investment advisory firm based in Greensboro, N.C.
Terms were not announced for the acquisition that closed Dec. 31.
The Compass acquisition adds more than $14 billion in managed retirement assets to Marsh & McLennan Agency's approximately $50 billion in retirement assets under advisement, Christine McDonough, a Marsh & McLennan Agency spokeswoman, wrote in an email.
Marsh & McLennan Agency also provides a variety of other products — such as commercial insurance, casualty insurance and employee benefits — to middle market businesses and individuals in North America. Marsh & McLennan Agency is a subsidiary of Marsh & McLennan Cos.
A Marsh & McLennan Agency news release Tuesday said Compass employees "will continue to work under the leadership of founders and managing partners Kathleen Kelly and George Hoyle." Ms. Kelly also will join the Marsh & McLennan Agency's national retirement strategy team and lead the retirement services practice for the mid-Atlantic region, the news release said.
"Compass is a highly respected firm, recognized for its commitment to providing extraordinary service and measurable results to clients," Bill Jeatran, president of Marsh & McLennan Agency, said in the news release. "Its acquisition represents a significant enhancement of our capabilities as we seek to further integrate health, wealth, and retirement into our total wellbeing solution for clients."
