NEW YORK--(BUSINESS WIRE)--Mercer has entered into a strategic alliance with Transamerica whereby Transamerica will acquire Mercer’s US defined contribution (DC) administration book of business. Transamerica will also become Mercer’s preferred DC record keeping provider. The transaction is expected to close by the end of 2015.
“We are excited about this alliance with Transamerica as both firms share a deep passion for service excellence and value delivery,” said Ken Haderer, Mercer’s Chief Operating Officer. "After the transaction is complete later this year, we will partner with Transamerica for our defined contribution recordkeeping administration business. We also want to clearly state that we are committed to continuing to provide best of class service to our defined benefit and health clients through our own solutions."
“We are looking forward to continuing Mercer’s tradition of delivering excellent customer service to the defined contribution clients who will transition to Transamerica and expand our large market presence as part of this transaction,” said Kent G. Callahan, President and Chief Executive Officer of the Investments & Retirement division of Transamerica. “At the same time, they’ll gain the advantage of our enhanced retirement planning and reporting capabilities, mobile account management and retirement counseling services. We are thrilled to bring these two great teams and our collective capabilities and talents together to further benefit our clients.”
Mercer’s US DC retirement administration business has more than US$71 billion in plan assets, 148 clients and more than 917,000 participants.
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and performance of their most vital asset – their people. Mercer’s more than 20,000 employees are based in 43 countries and the firm operates in over 140 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With 57,000 employees worldwide and annual revenue exceeding $13 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.