Mercer divests Private Client Services business to asset manager Hillhouse
Mercer, a global human consulting firm, has divested its Private Client Services business to Hillhouse, a Singapore-headquartered alternative asset manager.
Founded in 2003, Mercer’s Private Client Services business is an Asia-based unit offering wealth protection and integrated life insurance solutions to private wealth management clients.
Commenting on the move to Hillhouse, Joseph Low, CEO of Private Client Services, said, “Our team has spent over two decades building the trust to serve clients at this level, and Hillhouse will give us the platform to serve them on a scale we have never had before. We are therefore excited to partner with them.”
“For our clients, joining the Hillhouse ecosystem means access to a seamlessly integrated world of education, healthcare and wealth protection under one roof. For our bank partners, Hillhouse’s network of portfolio companies across Asia Pacific opens an entirely new frontier of client opportunities,” he continued.
Established in 2005 with initial funding from the Yale University Foundation, Hillhouse provides its clients various alternative investment offerings, such as buyout, real assets and private credit. The firm has a team of 450 professionals with offices in Singapore, New York, Tokyo, London, Mumbai, Hong Kong, Abu Dhabi, Amsterdam, Sydney, Shanghai and Beijing.
Speaking about the deal, Adam Hornung, Co-Chief Operating Officer at Hillhouse, said: “The Private Client Services team has an incredible reputation in the industry, and the advisory work they do with clients, with the best wealth management and protection solutions is incredibly important in this day and age. We look forward to partnering with them as we support their continued growth, long-term value creation and next phase of their journey.”
Financial terms of the deal have not been disclosed. The transaction is subject to regulatory and specified approvals, as well as customary closing conditions.
Mercer is a business of New York-listed Marsh, a $20 billion professional services group that also is the parent of Oliver Wyman, Marsh Risk and Guy Carpenter.
