Mercer agreed to acquire U.K. and Netherlands retirement specialist and outsourced CIO business Cardano.

The deal for Mercer — part of Marsh McLennan — to acquire Cardano is set to close near the end of the year, a news release said. It is subject to regulatory approvals and terms of the deal were not disclosed.

Cardano, which has $66 billion in assets under management, is an OCIO, investment advisory and liability-driven investing and derivatives solutions firm, working with both defined benefit and defined contribution plans in the U.K. and the Netherlands. It also operates NOW: Pensions, a defined contribution multiemployer plan known as a master trust. NOW’s assets were not immediately available.

Cardano will be integrated into the wider Mercer and Marsh McLennan business upon deal close, a spokesperson said.

The deal also adds European risk management, covenant advisory and investment implementation trading capabilities to Mercer, which the firm said will enhance its ability to serve large, sophisticated investors’ bespoke implementation needs.

The spokesperson confirmed that Mercer plans to keep the NOW: Pensions brand after close.

“We are excited about the opportunity to welcome Cardano to our wealth business, which brings with it a high-quality team and complementary range of specialist investment capabilities,” Michael Dempsey, Mercer’s wealth president, said in the release. “The acquisition and alignment of our expertise and capabilities represents a unique and timely combination to support pension clients and other institutional investors and their evolving needs.”

About 550 Cardano staff will join Mercer upon completion.

“Mercer is the ideal long-term home for our business and clients,” said Michael De Lathauwer, Cardano Group’s CEO, in the same release. “We share an aligned culture with Mercer, focused on delivering excellent outcomes for clients, and together, we are committed to being the best solutions provider for U.K. and Dutch pension schemes. I am thrilled our clients and colleagues will have access to everything Mercer offers, including global resources, a deep bench of investment talent, strategic advice, manager research and alternative investment advice. We look forward to being one multidisciplinary team and helping our clients navigate the evolving pension and investment landscape.”

Mercer had $419.6 billion in OCIO assets as of Dec. 31, according to Pensions & Investments data.

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