Financial and benefits consulting company Mercer said it has signed an agreement to acquire investment adviser Hammond Associates. Terms of the deal were not disclosed, Mercer said in a news release announcing the deal.
Mercer to acquire Hammond Associates
The deal would expand Mercer's healthcare consulting opportunities, according to the release, as well as those in private wealth—two of Hammond Associates' four markets.
Based in St. Louis, Hammond also consults for endowments and foundations, markets where use of investment consultants grew 10% annually between 2005 and 2009, according to Mercer, citing data from Greenwich Associates. The deal is subject to customary approvals and is expected to close by year-end.
Mercer recently reported a rise of 6.9% in group healthcare plan costs for 2010.
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