Wednesday, 4 May 2016
Last updated 13 hours ago
Nov 29 2010 | 9:34am ET
Consultancy Mercer has boosted its hedge fund and foundations and endowments business with a deal to buy rival Hammond Associates.
Terms of the deal were not disclosed. But Mercer, a subsidiary of Marsh & McLennan, said it expects the acquisition to close at the end of the year.
"Hammond has been a leader in investment consulting for endowments and foundations for 25 years, and more recently has invested in its hedge fund and alternatives research capabilities, complementing the investment Mercer has made in this area," said Jeff Schutes, Mercer's U.S. investment consulting leader. "In the current challenging investment market, we believe combining our resources will significantly improve our ability to help clients make informed, sound and strategic investment decisions."
Hammond is the third-largest consultancy to U.S. endowments and foundations.