Market Overview

Mercer to Acquire Investment and Alternatives Consulting, and Wealth Management Operations of Pavilion Financial Corporation

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Transaction to complement Mercer's existing investment consulting,
alternatives and wealth management offerings

Mercer,
a global consulting leader in advancing health, wealth and career, and a
wholly owned subsidiary of Marsh & McLennan Companies (NYSE:MMC), has
signed a definitive agreement to acquire the investment consulting,
alternatives consulting and wealth management operations of Pavilion
Financial Corporation (together "Pavilion"). Pavilion, a diversified,
global investment services firm with approximately 300 employees, is
headquartered in Winnipeg, Canada with offices across North America, in
London and in Singapore.

"Pavilion is a leading global investment services firm with great
leadership talent supporting strong consulting and research
capabilities, particularly for alternative investments. In the US,
Pavilion is a leading specialist in the defined contribution, endowment
and foundation, healthcare and insurance sectors. In Canada, Pavilion
has a strong presence in private wealth management." said Rich Nuzum,
President, Mercer's global Wealth business. "Together, our complementary
capabilities will enhance our ability to serve our clients."

In June 2017, Pavilion was ranked 13th in worldwide assets under
advisement (US$685 billion)1 and has been recognized in the
past three years as a Greenwich Quality LeaderSM for its
traditional investment consulting2.

Daniel Friedman, the President and CEO of Pavilion Financial Corporation
said, "In only a few years, we have assembled one of the industry's top
consulting teams, with deep expertise in specialized areas such as
alternatives, not-for-profit healthcare and retirement benefit
consulting, all with the objective of supporting the evolving needs of
our clients. Combining our creativity and knowledge base with Mercer's
global research resources will further enhance our team's ability to
serve our clients across the continuum of advisory and delegated
services."

Mercer intends to use the Pavilion brand for investment consulting
services provided to the institutional not-for-profit (NFP) and
insurance client segments post-close. As part of Mercer, Pavilion
clients will have access to Mercer's industry-leading global strategic
and manager research and investment capabilities, including outsourced
chief investment officer and digital delivery capabilities, while
retaining access to customized, strategic advice delivered by a
specialist consultant.

This transaction is subject to customary conditions to closing,
including regulatory and shareholder approvals, and is expected to close
in Q4.

1source: Pensions & Investments Research Center, as of
June 30, 2017.

2 source: Greenwich Association's 2017 investment
consultant rankings; https://www.greenwich.com/asset-management/consultants-help-institutions-prep-shift-market-environment#

 

About Mercer

Mercer
delivers advice and technology-driven solutions that help organizations
meet the health, wealth and career needs of a changing workforce.
Mercer's more than 23,000 employees are based in 44 countries and the
firm operates in over 130 countries. Mercer is a wholly owned subsidiary
of Marsh
& McLennan Companies
(NYSE:MMC), the leading global
professional services firm in the areas of risk, strategy and people.
With nearly 65,000 colleagues and annual revenue over $14 billion,
through its market-leading companies including Marsh,
Guy
Carpenter
and Oliver
Wyman
, Marsh & McLennan helps clients navigate an increasingly
dynamic and complex environment. For more information, visit www.mercer.com.
Follow Mercer on Twitter @Mercer.

About Pavilion Financial Corporation and its subsidiaries

Founded in 2006, Pavilion Financial Corporation is an employee-owned
investment services firm offering advice and execution services to
institutional and other investors. Through its subsidiaries, Pavilion
offers a comprehensive suite of integrated services such as
non-discretionary and discretionary tradition and alternatives
investment consulting and wealth management. Pavilion Advisory Group®
offers investment consulting, advisory services, retirement benefit
consulting, and implemented or discretionary solutions to corporate and
public plan sponsors (DB and DC), not-for-profit healthcare systems,
higher education endowments, foundations, and family offices. Pavilion
Advisory Group is a registered trademark of Pavilion Financial
Corporation, used under license by Pavilion Advisory Group Inc. in the
U.S. and Pavilion Advisory Group Ltd. in Canada. Pavilion
Alternatives Group
® provides investment consulting
services across alternative asset classes including private equity,
private credit, real assets and hedge funds. Pavilion Alternatives Group
is a registered trademark of Pavilion Financial Corporation, used under
license by Pavilion Alternatives Group, LLC in the U.S., Pavilion
Alternatives Group Limited in the UK, Pavilion Alternatives Group
(Singapore) Pte Ltd., and Pavilion Advisory Group Ltd. in Canada.

For more information, visit www.pavilioncorp.com.
Pavilion Investment House, a division of Pavilion Advisory Group
Ltd., provides institutional-quality, fully integrated wealth management
services to business owners, families and other investors.

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