Marsh & McLennan Companies (MMC), the parent company to investment consulting company Mercer, has completed the $5.6bn (€5bn) acquisition of Jardine Lloyd Thompson (JLT).

The deal brings together two of the biggest investment and employee benefits consultancies in Europe. Both are also major players in the UK’s fiduciary management sector.

Dan Glaser, president and CEO of MMC, said: “Today marks the beginning of a new era with Marsh & McLennan and JLT coming together. This is a combination of strength and strength [sic], and the primary focus is growth – in talent, capabilities, revenue and earnings.” 

In a statement announcing the deal’s completion, MMC said JLT brought “a significant influx of talent… providing deeper industry expertise in almost every part of the organisation”.

Mercer announced a number of leadership changes at the end of January in anticipation of the acquisition’s completion. This included Mark McNulty, managing director of investment solutions at JLT, becoming European head of clients for Mercer’s fiduciary management business.

JLT’s Malcolm Reynolds was appointed client leader in Mercer’s UK administration arm, while Steven Robinson moved to lead Mercer’s mid-market client business, including responsibility for defined benefit scheme advice.

Tony Wood, UK head of Mercer Marsh Benefits, said: “Mercer and JLT’s offerings complement each other in a powerful way. We can already envisage how the added diversity of thought and capabilities will further enhance our employee benefit proposition and ultimately benefit our clients.”

JLT Group’s shares ceased trading on the London Stock Exchange today. The company was a member of the FTSE 250 index.

On 4 March, JLT Group struck a deal to sell its aerospace insurance business to Arthur J Gallagher, a US-based insurance broker, in order to comply with EU competition rules and secure the MMC deal.

Last month it emerged that Aon had held talks with Willis Towers Watson about a potential merger, but this idea was abandoned within a matter of hours.