Malvern-based Vanguard Group, one of the largest investment management companies in the world, has agreed to sell its outsourced chief investment officer business line to Marsh & McLennan subsidiary Mercer, writes Jeff Blumenthal for the Philadelphia Business Journal. 

The financial terms of the deal were not disclosed. The deal is expected to be finalized in the first quarter of 2024. 

The 1,000-client Vanguard Institutional Advisory Services provides investment management services for nonprofits and other institutional investors nationwide. The unit has 120 employees, all of whom will stay with the new owner. 

The New York-based Mercer has several lines of business, including health and benefits, investments and retirement, workforce and careers, and M&A advisory services. Its parent company, Marsh, has around 25,000 employees in 43 countries. The company operates in 130 countries. 

According to Marc Cordover, U.S. investments and retirement leader for Mercer, “Vanguard’s differentiated investment philosophy, strength in the not-for-profit sector, and client-centric approach complements” the capabilities of the company’s outsourced chief investment officer and managing alternative asset classes. 

Read more about Vanguard selling its outsourced chief investment officer business line in the Philadelphia Business Journal. 

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