Mercer to acquire Vanguard's outsourced CIO business

Mercer has reached an agreement to acquire the outsourced chief investment officer business of Vanguard.

The OCIO business, called Vanguard Institutional Advisory Services, provides investment management services for not-for-profit organizations and other institutional investors in the U.S., said a Dec. 5 news release. Vanguard's OCIO unit has $60 billion in assets under advisement.

The terms of the acquisition were not disclosed, confirmed a spokesperson for Mercer.

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