Consulting firm Mercer has completed the acquisition of the wealth management division and two other business lines of Pavilion Financial Corporation, Mercer says.
Effective Nov. 30, the investment consulting, alternatives consulting and wealth management operations of Winnipeg, Canada-based Pavilion are owned by Mercer, according to a press release from Mercer.
The companies didn’t disclose the terms of the deal, first signed this summer.
As a result of the acquisition, Pavilion’s wealth management clients will get access to several tools offered by Mercer, including its retirement savings program, Daniel Friedman, Pavilion’s president and CEO, says in the press release.
Founded in 2006, Pavilion had around 300 employees overseeing $685 billion under advisement from offices in North America, London and Singapore prior to the deal with Mercer. Pavilion’s U.S. operations focused on defined contribution, endowment and foundation niches, as well as on healthcare and insurance, Rich Nuzum, president of Mercer’s global wealth business, said in August.
On the date Mercer announced the signing of the deal for Pavilion’s units, it also signed an agreement to acquire Summit Strategies Group, Mercer says in the press release. That deal closed Nov. 15, according to Mercer.
Mercer now has more than 23,000 employees working out of 44 countries while the firm operates in more than 130 countries, according to the press release. Its parent company Marsh & McLennan, of which Mercer is a wholly owned subsidiary, has 65,000 employees and an annual revenue of $14 billion, Mercer says.