A Mercer news release said the change will mean it is offering its DC services to clients with 500 or more employees. To support the new adviser effort, Mercer said it now fields a dedicated sales team, an adviser relations manager and relationship management support staff.
Historically, Mercer sold to this market segment through an exclusive agreement with Putnam Investments, the announcement said. That agreement has since been terminated for new business, but the two firms will continue to service the existing book of clients, officials said.
“Our extensive experience in the defined contribution space has shown that a solution that brings together investment independence and fee transparency with relationship management, participant communication services, and regulatory support is a powerful combination,” explained Jeff Miller, president of Mercer’s outsourcing business, in the news release.