In a recent interview with FundFire, Managing Partner Jim Scheinberg spoke with author Justin Mitchell on institutional investment consultant Segal Marco Advisor’s recent acquisition of competitor Milliman, Inc.
In the article, Scheinberg remarked that Segel’s interest in growing their foundation and endowment practice through this acquisition is of note because they are not known for their work in this space.
“[Segal] Marco didn’t need Milliman’s investment prowess on the pension side, they’re very well-situated there on their own,” he said. “In the endowment and foundation space, I’ll be very eager to see whether or not this really is a potential game changer for them and adding a new category where they can compete.”
In the article, Christopher Cutler of Manager Analysis Services stated that “every public plan should undertake its own review of the acquirer, as with any acquisition, and consider a search.”
North Pier agrees with this statement, and adds that an all out search is not always required, but objective third-party evaluation and due diligence is a minimal prudent step, especially for pension plan fiduciaries.