GLOBAL – Consultancy firm Mercer has reported a 2% increase in annual revenues for the period 2002, according to the year-end results of parent group Marsh & McLennan.

For the period 2002, Mercer’s annual revenue rose to 2.4 billion dollars (2.21 billion euros), while operating income rose 4% to 326 million dollars (300 million euros).

The retirement consulting and administration practices, which represent almost half of Mercer’s business, showed consistent growth throughout the year, reflecting "the increased provision of advice on retirement issues and greater interest by clients in managing retirement programmes on a global basis," says Mercer.

The health and group benefits, economic and investment consulting practices each produced double digit figures in the fourth quarter. The management consulting revenues declined 19% for the year, but improved progressively, declining 2% in the fourth quarter.

Mercer’s combined revenues increased in the fourth quarter by 9% to 604 million dollars, and operating income increased by 7% to 76 million dollars.

Mercer is one of the world’s largest consulting businesses, and comprises Mercer Human Resource Consulting, Mercer Management Consulting, Mercer Delta Consulting, National Economic Research Associates (NERA), and Lippincott & Margulies.

** UK – Mercer Investment Consulting has added another head to its institutional team, with the appointment of Ralph Frank as senior consultant and European principal.

Prior to joining Mercer, Frank was a senior director at Alexander Forbes Asset Consultants, overseeing the asset consultants division. He also advised a number of South Africa’s largest institutional investors.

In his new role, Frank will advise a portfolio of institutional clients on their investment strategies.

He will report to Ian Burton, who is European partner.