Mercer, a business of Marsh McLennan (NYSE: MMC), has announced that it has reached an agreement to acquire Cardano.
Founded in 2000, Cardano is a long-term savings specialist in the UK and the Netherlands, with approximately $66 billion in assets under management. Terms of the transaction, which is expected to close near the end of 2024, subject to regulatory approvals, were not disclosed.
Cardano offers a range of fiduciary management, investment advisory services, and liability-driven investing and derivatives solutions to both defined benefit and defined contribution pension schemes in the UK and the Netherlands, the two largest pensions markets in Europe. Cardano adopts a differentiated model, offering a combination of direct investment capabilities and external manager selection, as well as deep pension expertise, a solutions mindset, and a long heritage in sustainability. Through NOW: Pensions, Cardano operates the third largest UK master trust platform, serving more than 2 million savers across 27,000 employers, with leadership in the structurally growing auto-enrollment market.
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