According to a statement from Mercer spokesman Charles Salmans, the change does not affect any other services Mercer may also be providing to the public DB clients or to private-sector plans at all. Salmans said affected clients were informed Thursday and that the company will be “working with them in a timetable for transition.”
“After a comprehensive review of our business and in light of changes in the public fund marketplace, Mercer has made a decision to adjust the focus of our public fund investment consulting advisory work,” Salmans said in the statement.
Mercer will focus its public-fund investment consulting resources in both Defined Contribution and specialist consulting services, including Responsible Investment, its Sentinel services to evaluate and advise on operational risks, and Alternative investments through its research boutiques, the statement said.
Salmans concluded: “Mercer Investment Consulting is committed to making the transition as smooth and seamless as possible for our clients affected by this change. We will be working with our defined benefit clients to help ensure a transition period so that they can identify another investment consulting firm that can perform Defined Benefit investment consulting advisory services.”