Volatile markets and low interest rates spur
demand for investment solutions
Mercer, a global leader in redefining the world of work,
reshaping retirement and investment outcomes, and unlocking real
health and well-being, today announced its global assets under
management reached $321.4 billion USD as of September 30,
20201.
“We are seeing a direct correlation between the challenges of
the pandemic and investors’ interest in our investment solutions.
The pandemic brought on a liquidity crisis and extreme market
volatility. Although equity markets have since recovered to reach
new highs, long-term real and nominal interest rates remain near
all-time historical lows, challenging investors’ ability to meet
their long-term goals,” said Rich Nuzum, CFA, President,
Investments & Retirement at Mercer. “We believe better
performance has been achieved by institutional investors whose
governance has handled rebalancing trades, de-risking and
re-risking trades, despite the extreme market volatility earlier
this year, and by investors who had capacity to consider
opportunities such as high yield and private debt at the depths of
the market downturn. Many asset owners are recognizing their
governance didn’t succeed across all these fronts, and are looking
to access outsourced chief investment officer (OCIO) investment
solutions for assistance before they are tested in this way
again.”
In March 2020, Pensions & Investments2 ranked Mercer first
by worldwide, outsourced assets under management. In a separate
survey by CIO magazine, Mercer was also rated first for global
assets under management, as of March 20203. Pensions &
Investments also named Mercer first by global assets under
advisement as of June 30, 20204.
“Portfolios today require higher levels of diversification,
requiring more asset classes, more investment managers, and
overall, more operational management to contend with. This
increased complexity, coupled with challenging market conditions
and fee pressures, also means investors are looking for a more
dynamic approach to managing portfolios. All of these requirements
are driving interest in investment solutions across our client base
and the broader market,” said Samantha Davidson, GUS Head,
Investment solutions/OCIO services at Mercer.
“As governance has been tested this year, we have been seeing
investors across the institutional marketplace such as pension
schemes, insurance companies and other financial intermediaries, as
well as not-for-profit entities, adopt investment solutions to
support the operational management of their investment portfolios,”
added Mr. Dempsey.
To learn more about Mercer’s Investments & Retirement
services please click here and for more detail about our investment
solutions, please click here.
To view a short video of Mick Dempsey’s assessment of the OCIO
market and navigating the COVID-19 crisis, please click here.
To view a short video of Rich Nuzum speaking about the
importance of governance, please click here.
1 In providing OCIO investment solutions, Mercer typically
exercises investment discretion by hiring and overseeing third
party asset managers on behalf of client portfolios. Global OCIO
assets data is primarily but not exclusively discretionary
mandates.
2
https://researchcenter.pionline.com/v3/rankings/outsourcing-manager/datatable.
Pensions & Investments OCIO survey, worldwide discretionary
assets under management as of March 30, 2020 as reported by each
firm to P&I.
3
https://www.ai-cio.com/surveys/2020-outsourced-chief-investment-officer-survey/
ai-cio survey, worldwide discretionary assets under management as
of March 30, 2020 as reported by each firm to ai-cio.
4
https://researchcenter.pionline.com/v3/rankings/consultant/datatable
Pension & Investments, AUA ranked by worldwide assets under
advisement as of June 30, 2020 as reported by each firm to
P&I.
Pension & Investments and CIO magazine rankings are based on
survey responses from responding firms. Mercer did not pay a fee to
participate in these surveys. These surveys are not indicative of
the investment adviser’s future performance. Please see
Important Notices for important information about Assets under
Advisement and Assets under Management.
5 Expected returns are hypothetical average returns of economic
asset classes derived using Mercer’s Capital Markets Assumptions.
There can be no assurance that these returns can be achieved.
Actual returns are likely to vary. Please see Important Notices for
further information on Return Expectations.
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 25,000 employees are based
in 44 countries and the firm operates in over 130 countries. Mercer
is a business of Marsh & McLennan Companies (NYSE: MMC), the
world’s leading professional services firm in the areas of risk,
strategy and people with 76,000 colleagues and annualized revenue
approaching $17 billion. Through its market-leading businesses
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.
Important Notices
References to Mercer shall be construed to include Mercer LLC
and/or its associated companies.
© 2020 Mercer LLC. All rights reserved.
This contains confidential and proprietary information of Mercer
and is intended for the exclusive use of the parties to whom it was
provided by Mercer. Its content may not be modified, sold or
otherwise provided, in whole or in part, to any other person or
entity without Mercer's prior written permission.
Mercer does not provide tax or legal advice. You should contact
your tax advisor, accountant and/or attorney before making any
decisions with tax or legal implications.
This does not constitute an offer to purchase or sell any
securities.
The findings, ratings and/or opinions expressed herein are the
intellectual property of Mercer and are subject to change without
notice. They are not intended to convey any guarantees as to the
future performance of the investment products, asset classes or
capital markets discussed.
For Mercer’s conflict of interest disclosures, contact your
Mercer representative or see
http://www.mercer.com/conflictsofinterest.
This does not contain investment advice relating to your
particular circumstances. No investment decision should be made
based on this information without first obtaining appropriate
professional advice and considering your circumstances. Mercer
provides recommendations based on the particular client's
circumstances, investment objectives and needs. As such, investment
results will vary and actual results may differ materially.
Past performance is no guarantee of future results. The value of
investments can go down as well as up, and you may not get back the
amount you have invested. Investments denominated in a foreign
currency will fluctuate with the value of the currency. Certain
investments, such as securities issued by small capitalization,
foreign and emerging market issuers, real property, and illiquid,
leveraged or high-yield funds, carry additional risks that should
be considered before choosing an investment manager or making an
investment decision.
Expected Return
Actual performance may be lower or higher than the performance
data quoted. Actual statistics may be lower or higher than the
statistics quoted. The expectations for the modelled portfolio are
a compilation of return, volatility, and correlation expectations
of the underlying asset classes.
Portfolio expectations are forward looking and reflective of
Mercer’s Capital Market Assumptions, as defined by asset class and
incorporating return, standard deviation, and correlations. Our
process for setting asset class expected returns begins with
developing an estimate of the long term normal level of economic
growth and inflation. From these two key assumptions, we develop an
estimate for corporate earnings growth and the natural level of
interest rates. From these values, we can then determine the
expected long term return of the core asset classes, equity and
government bonds. We combine current valuations with our
expectations for long term normal valuations and incorporate a
reversion to normal valuations over a period of up to five years.
Volatility and correlation assumptions are based more directly on
historical experience except in cases in which the market
environment has clearly changed. Manager impact on performance is
not incorporated into expectations. The views expressed are
provided for discussion purposes and do not provide any assurance
or guarantee of future returns.
Not all services mentioned are available in all jurisdictions.
Please contact your Mercer representative for more information.
Information contained herein may have been obtained from a range
of third party sources. While the information is believed to be
reliable, Mercer has not sought to verify it independently. As
such, Mercer makes no representations or warranties as to the
accuracy of the information presented and takes no responsibility
or liability (including for indirect, consequential, or incidental
damages) for any error, omission or inaccuracy in the data supplied
by any third party.
Investment management and advisory services for U.S. clients are
provided by Mercer Investments LLC (Mercer Investments). Mercer
Investments LLC is registered to do business as “Mercer Investment
Advisers LLC” in the following states: Arizona, California,
Florida, Illinois, Kentucky, New Jersey, North Carolina, Oklahoma,
Pennsylvania, Texas, and West Virginia; as “Mercer Investments LLC
(Delaware)” in Georgia; as “Mercer Investments LLC of Delaware” in
Louisiana; and “Mercer Investments LLC, a limited liability company
of Delaware” in Oregon. Mercer Investments LLC is a federally
registered investment adviser under the Investment Advisers Act of
1940, as amended. Registration as an investment adviser does not
imply a certain level of skill or training. The oral and written
communications of an adviser provide you with information about
which you determine to hire or retain an adviser. Mercer
Investments’ Form ADV Part 2A & 2B can be obtained by written
request directed to: Compliance Department, Mercer Investments, 99
High Street, Boston, MA 02110.
Certain regulated services in Europe are provided by Mercer
Global Investments Europe Limited and Mercer Limited.
Mercer Global Investments Europe Limited and Mercer Limited are
regulated by the Central Bank of Ireland under the European Union
(Markets in Financial Instruments) Regulation 2017, as an
investment firm. Registered officer: Charlotte House, Charlemont
Street, Dublin 2, Ireland. Registered in Ireland No. 416688.
Directors: Sylvia Cronin, Michael Dempsey, Tom Geraghty, Abhishek
Krishan, Deborah Mintern, Bruce Rigby (British) and Vincent
Sheridan. Mercer Limited is authorized and regulated by the
Financial Conduct Authority. Registered in England and Wales No.
984275. Registered Office: 1 Tower Place West, Tower Place, London
EC3R 5BU.
Investment management services for Canadian investors are
provided by Mercer Global Investments Canada Limited. Investment
consulting services for Canadian investors are provided by Mercer
(Canada) Limited.
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