Press Release

Mercer to Acquire Vanguard's US Outsourced Chief Investment Officer Business

Issued by Mercer

Dec. 5, 2023

Mercer , a global leader in reshaping retirement and investment outcomes and a business of Marsh McLennan (NYSE: MMC), today announced that it reached an agreement to acquire Vanguard’s outsourced chief investment officer (OCIO) business that provides investment management services for not-for-profit organizations and other institutional investors in the United States.

Commenting on the acquisition, Marc Cordover, US Investments and Retirement Leader, Mercer, said: “Vanguard’s differentiated investment philosophy, strength in the not-for-profit sector, and client-centric approach complements our global capabilities across OCIO and managing alternative asset classes.”

Mr. Cordover continued, “We know institutional investors, and not-for-profit organizations specifically, continue to face a range of challenges. They require robust solutions and global expertise to stay ahead of the curve. We are excited to welcome to Mercer the talented investment professionals already supporting this business. Together, we will help clients unlock new and emerging investment opportunities, navigate risk, and pursue compelling returns.”

John James, Managing Director of Vanguard’s Institutional Investor Group, said, “We are confident our OCIO clients will continue to enjoy high-quality investment solutions, ably stewarded by the mission-driven professionals who will continue to serve them. With Mercer’s expertise, capabilities, and commitment to driving optimal client outcomes, we believe it is well positioned to help our OCIO clients navigate the evolving OCIO landscape.”

As part of the agreement, Vanguard’s roughly 120-person OCIO team are expected to transfer to Mercer as full-time employees, upon completion of the transaction, which is expected to be in the first quarter of 2024.

About Mercer

Mercer believes in building brighter futures by redefining the world of work, reshaping retirement and investment outcomes, and unlocking real health and well-being. Mercer’s approximately 25,000 employees are based in 43 countries and the firm operates in 130 countries. Mercer is a business of Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, with more than 85,000 colleagues and annual revenue of over $20 billion. Through its market-leading businesses including Marsh , Guy Carpenter and Oliver Wyman , Marsh McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit mercer.com . Follow Mercer on LinkedIn and X .

About Vanguard

Founded in 1975, Vanguard is one of the world's leading investment management companies. The firm offers investments, advice, and retirement services to individual investors, institutions, and financial professionals. Vanguard operates under a unique, investor-owned structure where Vanguard fund shareholders own the funds, which in turn own Vanguard. As such, Vanguard adheres to a simple purpose: To take a stand for all investors, to treat them fairly, and to give them the best chance for investment success. For more information, visit vanguard.com .

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