Marsh to Acquire Wilshire, Adding $221 Billion Under Management

By Daniel Okafor

Marsh has agreed to acquire Wilshire, bringing $221 billion of assets under management and $1.6 trillion of assets under advisement into the combined global investment operation spanning public and private markets.

What does the acquisition change for advisers?

Marsh says the acquisition will expand its investment business into the financial adviser-led wealth market. Wilshire brings capabilities in alternative investments, model portfolios, indexes and data analytics.

Wilshire advises institutional investors and financial intermediaries across public and private retirement plans, endowments, foundations and wealth management businesses, giving the combined firm relationships across the investment value chain. Marsh expects Wilshire’s model portfolios and analytics to strengthen its relationships with wealth advisers and asset managers.

Wilshire will gain access to Marsh’s distribution, international presence and open-architecture investment platform. Together, Marsh and Wilshire say clients will receive broader access to investment advice and solutions across public and private markets.

John Doyle, President and Chief Executive Officer of Marsh, said:

“The acquisition of Wilshire is an important step in growing Marsh’s investments business and strengthening our connection to the financial advisor ecosystem.”

“By combining Wilshire’s capabilities with our global reach, open architecture, and expertise across public and private markets, we can help clients make better decisions and build resilient portfolios in an increasingly complex investment environment.”

Pat Tomlinson, President and Chief Executive Officer of Marsh People and Investments, said:

“Wilshire will expand our scale and capabilities, particularly in alternatives, model portfolios, and data and analytics, strengthening our platform for wealth advisors and asset managers. We look forward to welcoming Wilshire’s talented and experienced colleagues to Marsh.”

How do the businesses fit together?

Founded in 1972 as an index and risk analytics provider, Wilshire has developed into a diversified investment services company. Its platform combines multi-asset consulting, managed investment solutions, alternative investment expertise, indexes, proprietary information and technology.

The combination would add managed products, consulting capabilities and proprietary analytics to Marsh’s investment business. Marsh and Wilshire expect those capabilities to help clients evaluate increasingly complex portfolios across traditional and private asset classes.

Marsh says Wilshire’s institutional relationships, alternative investment capabilities and adviser-focused products support its effort to build a larger global investment operation. Marsh already provides services in risk, reinsurance and capital, workforce and investments, and management consulting, giving the deal a broad base for further investment expansion. The company operates in 130 countries, employs more than 95,000 people and generates approximately $27 billion in annual revenue.

The scale comparison is concrete: Wilshire would add $221 billion in assets under management to a company that generates about $27 billion in annual revenue. Wilshire would also place its platform within Marsh’s international presence across 130 countries.

Jason Schwarz, Chief Executive Officer of Wilshire, said:

“Wilshire has spent more than five decades building innovative, institutional-quality investment capabilities and delivering them to clients across institutional, wealth, and retirement markets.”

“Now is the time to join with Marsh, and through its global reach and resources, extend our platform, broaden our capabilities, and serve clients across the investment value chain.”

What has to happen before closing?

The companies expect to complete the acquisition during the first quarter of 2027. Three closing conditions remain:

• Regulatory approvals
• Client consents
• Other customary closing requirements

Wilshire’s employees across the U.S., Europe and Asia will join Marsh when the transaction closes.

Success will depend on whether Marsh can use Wilshire’s analytics and adviser products to strengthen relationships with wealth advisers and asset managers, as the company expects. If the acquisition closes on schedule, Marsh will expand its investment business while Wilshire gains access to the distribution, international presence and open-architecture platform of a firm operating in 130 countries.