Deals & People February 18, 2025

Mercer to Acquire Investment Consultant SECOR Asset Management

The transaction is expected to close in the second quarter of 2025.

Reported by

Financial services and consulting firm Mercer, a Marsh McLennan company, announced Tuesday that it has entered into an agreement to acquire SECOR Asset Management L.P., an investment consulting firm which counts pension funds, insurance companies, endowments and family offices as clients.

SECOR had $13.8 billion in assets under advisement and $21.5 billion in assets under management as of September 30, 2024, according to the announcement. The firm offers investment strategy, tactical asset allocation, manager selection, portfolio monitoring and implementation services for asset owners.

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“SECOR’s exceptional team is highly regarded in the industry for their extensive experience working with in-house investment teams and proven expertise in specialized investment implementation,” said Michael Dempsey, Mercer’s wealth president, in a statement. “We are thrilled at the opportunity to welcome this talented group and to continue developing a comprehensive and agile suite of solutions designed for the distinct needs of institutional investors.”

The acquisition will add to Mercer’s existing investment consulting capabilities. SECOR will be integrated into the wider Mercer and Marsh McLennan businesses after the acquisition closes, a spokesperson for Mercer said. The two firms will operate as separate companies until then. Mercer also acquired Vanguard’s $60 billion AUM outsourced CIO business early last year.

“It’s terrific that our colleagues will have the opportunity to advance their careers at Mercer and that our clients will benefit from access to Mercer’s extensive global resources, valued insights and seasoned investment talent once the transaction is finalized,” said Tony Kao, founder, managing principal and CIO at SECOR, in a statement. “Having served as both an in-house Chief Investment Officer and a partner to clients, I believe that Mercer is the ideal steward for our business’s future.”

SECOR’s 40 employees in New York and London will join Mercer when the transaction is completed, which is anticipated in this year’s second quarter, pending regulatory approval and client consents.

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Data & Research February 18, 2025

Women’s Growing Financial Power Could Reshape Wealth Management, CFP Reports

As women control a greater percentage of assets and take charge of household finances, they are increasingly turning to professional financial planners for guidance.

Reported by

Natalie Lin

Women are playing an increasingly influential role in financial decisionmaking, both within their households and as part of the broader economy, according to a new report by the Certified Financial Planner Board of Standards.

“Building Wealth: Insights on Women’s Aspirations & Growing Financial Power” highlighted the shifting financial landscape, as women attain higher education levels, enter the workforce in greater numbers and accumulate greater wealth.

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The CFP Board’s report noted that women’s participation in the workforce has risen sharply over the past five decades, reaching 57.3% in November 2024, up from 43% in 1969. At the same time, men’s workforce participation has declined, falling to 67.9% over the same period. This increase in women’s employment, combined with their higher rates of attaining college degrees (47% of women aged 25 to 34 hold a bachelor’s degree, compared with 37% of men), has led to a significant shift in wealth distribution.

According to a 2019 McKinsey & Co. report, women in the U.S. controlled $10.9 trillion in assets, accounting for one-third of total U.S. financial assets. That number is expected to grow substantially in the coming years, with Bank of America projecting that $30 trillion in wealth will transfer to younger women as part of the broader $84 trillion generational wealth transfer expected by 2045.

With this increasing financial power, women are turning to professional financial planners to guide their investment and wealth-building strategies. The CFP Board’s report found that 56% of women trust a financial planner to help them meet their financial goals, compared with just 7% who rely on online tools or apps.

The survey found that an average of three in five women believe working with a professional financial planner is “extremely” or “very” necessary in developing a comprehensive financial plan.

What Women Value in Financial Planners

When selecting a financial planner, women prioritize expertise, trust and communication skills, according to the report. Nearly all survey respondents (99%) said it is essential that their financial planner finds suitable solutions to their challenges and effectively answers their questions. Additionally, 98% value a planner’s ability to explain complex financial concepts clearly and demonstrate a proven track record of success.

Empathy also plays a crucial role in the client-planner relationship. The report found that 97% of women believe it is important for their financial planner to make them feel comfortable, while 95% value a planner who listens without judgment and understands their personal situation and life goals.

Although only 10% of women surveyed felt that a female adviser best met their needs, a majority (58%) preferred a financial planner who shares their life experiences, and 54% sought an adviser with a similar demographic background.

As women continue to accumulate wealth and take on more financial responsibilities, their trust in financial planners underscores the growing importance of tailored financial advice, according to the CFP Board. The findings suggested that financial professionals who adapt to these preferences will be best positioned to serve the next generation of female decisionmakers.

The study, conducted in partnership with Heart+Mind Strategies, surveyed 296 female CFP professionals and 301 female consumers with household incomes of at least $60,000 or investable assets of at least $50,000.