Marsh & McLennan's (MMC) Mercer unit said Tuesday it has agreed to acquire UK-based pension management firm Cardano.

Terms of the transaction, expected to close near the end of 2024, were not disclosed.

Cardano provides long-term investment advisory and savings services to customers in the UK and the Netherlands and currently has about $66 billion in assets under management.

Cardano serves more than 2 million employees across 27,000 employers through its NOW: Pensions platform, Mercer said.

The acquisition will make Mercer "the pension provider of choice in the UK and the Netherlands," said Mercer's UK President and Chief Executive Benoit Hudon.