Mercer Investment Consulting, a subsidiary of Marsh & McLennan Companies, Inc., closed its acquisition of St. Louis-based Hammond Associates on Jan. 3, according to a news release on Monday. Terms were not revealed.

Mercer, a global “consulting, outsourcing and investment services,” company with 20,000 employees, said “endowment and foundation funds using investment consulting services grew at a compound rate of 10% annually, compared to a 5% annual rate of growth for both corporate and public funds in the US,” citing Greenwich Associates figures in the release. Hammond employs “more than 120 investment professionals.”

“This acquisition underscores Mercer’s commitment to our investment business and our determination to increase our US market share,” said Mercer’s U.S. investment consulting leader, Jeff Schutes (left). “Mercer is growing at a time when clients are demanding greater resources and depth of expertise from their investment consultants.”

Schutes added in the announcement that pairing with Hammond Associates will “enable us to provide strategic consulting and to demonstrate our depth of expertise in alternative investments such as private equity, hedge funds, and infrastructure.  We feel this will be a significant competitive advantage in a changing market environment.”