Mercer, a global consulting leader in advancing health, wealth and careers, and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), announced it has acquired India Life Capital (ILC), a leading investment advisor thus expanding its presence in India’s rapidly-growing wealth and investments space. Mercer is one of the world’s largest investment advisory firms, with approximately $240B assets under delegated management. The company operates in over 130 countries and employs more than 23,000 people.
Mercer delivers advice and technology-driven solutions that help organizations meet the health, wealth and career needs of their employees. This acquisition will enable Mercer to provide Indian companies with access to leading global advice and financial solutions.
Mercer’s acquisition of ILC takes place against a backdrop of ongoing pension reform in India, which has in turn driven increased demand for third-party investment advisory services for retirement funds. Over the past three years, the Indian government has been amending regulations to increase the equity allocation for retirement funds from 0% to 15%; and this is expected to go up further in future.
“The India Life acquisition will help Mercer to expand its existing wealth business in India. It enables us to offer investment advisory services to retirement funds and other institutional assets, and also bring in the full portfolio of Mercer’s Investments solutions to our clients here,” said Anish Sarkar, CEO, Mercer India.
“Mercer enjoys a leadership position globally on Investment advisory business and we are keen to expand that with our clients in India. We want to continue to bring world-class offerings and innovative solutions to grow the market,” Anish added.
The acquisition is providing Mercer with an experienced team with deep expertise in India’s investments and retirement market. ILC’s existing business spans investment advisory, investment consulting and retirement consulting, with over 100 clients that include domestic and multinational companies, banks, leading educational institutes, and public-sector organizations – located in Bangalore, Mumbai, Delhi NCR, Pune, Hyderabad and Chennai.
“The future is made in the actions we take together, today. Mercer together with ILC will deliver greater value to our clients in India and around the world,” said Amit Gopal, Senior Vice President, ILC.