Clayton-based investment consultant Summit Strategies Group will be acquired by Mercer, a global consulting firm and subsidiary of Marsh & McLennan Companies, according to a Tuesday press release.
The deal is set to close in the fourth quarter, though details were not disclosed.
According to Mercer’s release, Summit has $160 billion in assets under advisement as of December 31, 2017. The company, founded in 1995, also has $16 million in assets under management, according to Bloomberg.
“The depth and breadth of Summit’s expertise, coupled with our offerings, will benefit our collective client bases,” said Rich Nuzum, president of Mercer’s global wealth business, in the release.
New York-based Mercer has more than 23,000 employees in 44 countries, reports the St. Louis Post-Dispatch.