Mercer’s sale of its U.S. defined contribution administration book of business to Transamerica is designed to provide “enhanced” retirement options for clients, the consulting firm says. The deal, expected to close by the end of this year, will see Transamerica become Mercer’s preferred DC recordkeeping provider and will likely boost Transamerica’s position in the retirement space, experts say.
Mercer’s U.S. DC retirement administration business has more than $71 billion in plan assets, 148 clients and more than 917,000 participants. The acquisition will bring Transamerica’s totals to approximately 5 million participants and $216 billion in assets.
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