Norton Rose Fulbright has suggested Mercer on its settlement to amass Cardano, a big transfer anticipated to bolster Mercer’s pension providers within the UK and the Netherlands whereas supporting world enlargement. The transaction, which is topic to regulatory approvals, is anticipated to shut by the tip of 2024, though particular phrases haven’t been disclosed.
Mercer, a world consulting enterprise underneath Marsh McLennan, employs over 20,000 individuals throughout 43 international locations and operates in additional than 130 international locations. The corporate is acknowledged for its experience in redefining work, reshaping retirement and funding outcomes, and selling well being and well-being.
Cardano, established in 2000, manages roughly $66 billion in belongings and presents quite a lot of providers together with fiduciary administration, funding advisory providers, and liability-driven investing. The agency operates in each the UK and the Netherlands, the 2 largest pension markets in Europe, and is thought for its sustainability-focused method. By way of NOW: Pensions, Cardano manages the third-largest UK grasp belief platform, serving over two million savers throughout 27,000 employers, and has a powerful presence within the auto-enrollment market.
The acquisition goals to boost Mercer’s place as a premier pension supplier within the UK and Netherlands and help its enlargement to different massive asset house owners equivalent to endowments, foundations, household workplaces, and insurers. Michael Dempsey, Mercer’s Wealth President, expressed enthusiasm about integrating Cardano’s staff and specialised funding capabilities, emphasizing the potential to fulfill the evolving wants of pension purchasers and institutional buyers.
Benoit Hudon, Mercer’s UK President and CEO, highlighted that the mixed experience would make Mercer the popular pension supplier within the UK and Netherlands, facilitating world progress past pensions. Michaël De Lathauwer, Cardano Group’s CEO, echoed these sentiments, noting that Mercer’s assets and funding expertise would considerably profit their purchasers and colleagues.
The advisory staff from Norton Rose Fulbright, led by Marsh McLennan relationship associate Matt Foster and counsel David Bartlett, included associates Jack Whelan and Daisy Larcombe. A wider staff of over 60 price earners from the agency’s Amsterdam, Brussels, London, Luxembourg, and Newcastle workplaces supported the deal. Key members from Amsterdam included associate Saskia Blokland, counsels Rogier de Haan and Nikolai de Koning, and senior affiliate Carlo van Haasteren. The London staff featured companions Dominic Stuttaford, Albert Weatherill, and Lesley Browning, alongside a number of different senior authorized professionals.
Matt Foster expressed his satisfaction with the profitable navigation of this advanced multi-jurisdictional deal, anticipating that the merger would supply enhanced providers for Mercer’s pension and funding purchasers.
This transaction is one other notable accomplishment for Norton Rose Fulbright’s insurance coverage and asset administration group, which just lately suggested Mercer on its acquisition of the US funding advisory division of Vanguard Institutional Advisory Companies. The agency additionally performed a pivotal position in Conning Holdings Restricted and Cathay Life Insurance coverage’s acquisition of Conning by Generali Funding Holdings.
Norton Rose Fulbright’s world presence, with over 450 M&A companions and 700 different M&A attorneys throughout greater than 50 workplaces, underscores its capability to deal with advanced and high-profile transactions. The agency’s complete M&A providers span tax, labor, mental property, actual property, acquisition finance, and antitrust recommendation, solidifying its fame as a pacesetter within the world M&A sector.