Mercer has completed its acquisition of long-term savings specialist Cardano, for an undisclosed amount.

The transaction was first agreed upon in June, with approximately 550 colleagues from across Cardano in London, Nottingham, and Rotterdam joining Mercer as part of the deal.

The deal is expected to enable Mercer, a Marsh McLennan business, to extend its solutions in fiduciary management, defined benefit (DB), and defined contribution (DC) in the UK, the Netherlands, and abroad.

According to Mercer, Cardano's addition will cement its position as one of the leading providers of pension services in the UK and the Netherlands, as well as advisory and investment solutions to institutional investors globally.

Commenting on the deal, wealth president at Mercer, Michael Dempsey, said he welcomed Cardano's "talented colleagues and clients".

"Together, we will be well-positioned to deliver greater value and meet the evolving needs of our clients," he continued.

Our combined capabilities and resources will create a broad and relevant suite of investment solutions to support institutional investors and a timely partnership working with large asset owners worldwide."

Chief executive officer at Cardano Group, Michaël De Lathauwer, added: "Getting to know Mercer throughout this process has reinforced my view that we are stronger together. I am excited for our future and serving clients with our enhanced investment, advisory and DC capabilities so that they can better navigate today's complex financial markets."

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