Global consulting firm Mercer, a unit of Marsh McLennan, has reached an agreement to acquire SECOR Asset Management.
Terms of the transaction, which is expected to close in the second quarter, were not disclosed, said a news release Feb. 18.
SECOR serves institutional investors, including pension funds, insurance companies, endowments and family offices, with a range of services, including investment advisory and implementation, fiduciary management and asset liability management. SECOR had $13.8 billion in assets under advisement and $21.5 billion in assets under management, including $21.4 billion in hedged assets, as of Sept. 30.
As part of the agreement, SECOR’s more than 40 employees in New York and London will join Mercer upon completion of the transaction.
Tony Kao, SECOR’s co-founder, managing principal and chief investment officer, said in the news release that “our colleagues will have the opportunity to advance their careers at Mercer” and added that his clients “will benefit from access to Mercer’s extensive global resources, valued insights and seasoned investment talent.”
Mercer has made a number of significant acquisitions recently. In November, the firm completed its acquisition of Cardano, a retirement specialist in the U.K. and the Netherlands, with about $66 billion in assets under management. In March 2024, Mercer completed its acquisition of Vanguard’s outsourced CIO business, which had $60 billion in assets under advisement.
Mercer has a total of $17.5 trillion in global assets under advisement and $617 billion in global assets under management, according to the firm’s website.
