The phrases of the transaction – which is predicted to shut within the second quarter of 2025, topic to regulatory approvals and consumer consents – weren’t disclosed.
7IM poaches from abrdn and Mercer for funding administration crew hires
SECOR was based in 2010 by Tony Kao, Ray Iwanowski and different companions. It serves institutional traders – together with pension funds, insurance coverage corporations, endowments and household workplaces – with a spread of end-to-end portfolio options, together with funding advisory and implementation, fiduciary administration and asset legal responsibility administration.
SECOR had $13.8bn (£10.94bn) in belongings below advisement and $21.5bn (£17bn) in belongings below administration as of 30 September final 12 months.
Mercer Wealth president Michael Dempsey stated: “SECOR’s distinctive crew is very regarded within the business for his or her in depth expertise working with in-house funding groups and confirmed experience in specialised funding implementation.
“We’re thrilled on the alternative to welcome this gifted group and to proceed growing a complete and agile suite of options designed for the distinct wants of institutional traders.”
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SECOR managing principal and chief funding officer Tony Kao added: “It’s terrific that our colleagues could have the chance to advance their careers at Mercer and that our purchasers will profit from entry to Mercer’s in depth international assets, valued insights and seasoned funding expertise as soon as the transaction is finalised.
“Having served as each an in-house chief funding officer and a associate to purchasers, I imagine that Mercer is the perfect steward for our enterprise’s future.”
SECOR’s greater than 40 colleagues in New York and London will be part of Mercer upon completion of the transaction.
This text initially appeared on Funding Week sister title Skilled Pensions.
