Independent life insurance and pensions provider Acorn Life has appointed Mercer to manage its €1bn portfolio client assets.
he outsourcing deal will see Mercer provide advice and bespoke portfolio management to Acorn Life, including access to a wider range of asset classes and investment managers than would otherwise be available to the Galway-based firm.
The result will be a new range of funds for Acorn Life clients. The deal expands and diversifies Mercer’s investment solutions footprint in Ireland.
“We set out to find a provider that could provide us with well-diversified portfolios, high-quality investment management and ongoing investment advice,” said Acorn Life chief financial officer Jennifer Loftus.
“This arrangement allows us to provide cost efficient diversified portfolios to our clients that tap into highly-rated global managers with a robust governance and risk management framework.”
Mercer is one of the biggest investment services firms in the world with more than €366bn in assets under discretionary management globally. The company provides outsourced investment solutions to a broad range of clients such as wealth managers, private banks, life insurers and pension schemes.
According to Mercer head of investment solutions in Ireland Rob Hayden, life insurance companies are seeking more specialized investment advice to manage the increasing complexity of risk on global financial markets, which is why Acorn began working with Mercer in the last year to develop these new solutions .
Acorn Life is an Irish-owned life assurance company offering protection, savings and investment products to the Irish market. Established in 1989, it provides a wide range of financial services. The company has assets under management of more than €1bn.