In June 2024, retirement and consulting investment firm Mercer announced it had reached an agreement to acquire Cardano, subject to regulatory approvals.

Founded in 2000, Cardano is a long-term savings specialist in the UK and the Netherlands, with approximately $66 billion in assets under management. Cardano offers a range of fiduciary management, investment advisory services, and liability-driven investing and derivatives solutions to defined benefit and defined contribution pension schemes in the UK and the Netherlands, the two largest pensions markets in Europe. Mercer is one of the leading players in many of the affected markets (such as investment consulting and fiduciary management), so the acquisition would affect competition in several product markets in the UK and the Netherlands. This prompted engagement with the competition and financial authorities in both countries.  

Senior Managing Director Grant Saggers and Consultant James Thomas led the NERA team assisting the merging parties and their legal counsel, Norton Rose Fulbright and Hogan Lovells, through the engagement with the authorities in the UK and the Netherlands. The empirical work involved analyses of market trends, market shares, and bidding outcomes.

Based on the evidence submitted, authorities in both countries allowed the acquisition to proceed without further investigation or intervention. Mercer announced it completed the transaction successfully on 4 November 2024.