Aon has completed its acquisition of the Townsend Group, a U.S.-based investment management and advisory service provider with a focus on real estate and real assets.

“We are excited to welcome the Townsend organization into Aon and further enhance our investment solutions in areas that are of increasing importance to our clients,” said Cary Grace, chief executive officer of global retirement and investment solutions at Aon, in a press release. “Working together, our combined teams will continue to expand our capabilities and expertise in alternative investments to create sophisticated and transparent offerings that provide our clients with objective advice and solutions.”

Read: Aon partners with formulary management company

With the acquisition, Aon now has more than US$130 billion in assets under management globally. The company also noted that the deal demonstrates the firm’s commitment to pursuing alternative assets, as it now advises on more than US$240 billion of real estate assets.

“Canadian pension plans are increasingly allocating significant portions of their portfolios to alternative asset classes,” said Ian Struthers, partner and investment consulting practice director at Aon Canada. “We are happy to add to our capabilities to give our Canadian clients the broadest access to the global opportunity set of alternatives.”

Read: Options for small plans to invest like the big pension funds

Copyright © 2018 Transcontinental Media G.P. Originally published on benefitscanada.com

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