Consulting group Mercer is to buy Netherlands-based pension manager Cardano, which owns the UK’s third largest master trust, Now Pensions.
Mercer, which is part of the Marsh McLennan group, also operates its own DC master trust, although it has not given details as to whether the two will be merged.
Cardano was established in 2000 and specialises in long-term savings in the UK and the Netherlands, managing around $66 billion (£51.7 billion) in assets.
It caters to over two million savers and 27,000 employers through Now Pensions.
As part of the agreement around 550 Cardano employees in London, Nottingham and Rotterdam will join Mercer.
The transaction details, anticipated to be finalised by late 2024 pending regulatory clearance, remain undisclosed.
Mercer wealth president Michael Dempsey said: “The acquisition and alignment of our expertise and capabilities represents a timely combination to support pension clients and other institutional investors and their evolving needs.”
