MMC Marsh and McLennan Companies Inc

By Denny Jacob

Marsh & McLennan unit Mercer agreed to acquire Vanguard Group's outsourced chief investment officer business.

Asset manager Vanguard's roughly 120-person team behind the acquired unit is expected to transfer to Mercer as full-time employees upon the close of the deal, which is expected to be in the first quarter.

Other terms of the acquisition weren't disclosed.

Vanguard's outsourced chief investment officer business provides investment management services for not-for-profit organizations and other institutional investors in the U.S.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

December 05, 2023 13:38 ET (18:38 GMT)

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