Consulting firm Mercer has agreed to acquire the investment consulting, alternatives consulting and wealth management businesses of Canada-based Pavilion Financial Group as well as Missouri-based investment consultant Summit Strategies Group.

Both the deals, whose financial terms were not revealed, are expected to be completed in the fourth quarter of this year.

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Pavilion, founded in 2006, provides advice and execution services to institutional and other investors. The firm reported $685bn in assets under advisement as at 30 June 2017.

Pavilion has offices across North America, as well as in London and Singapore and a workforce of around 300.

The deal will offer Pavilion clients access to Mercer’s global strategic and manager research and investment capabilities.

Mercer Canada wealth business leader Jean-Philippe Provost said: “With the launch of innovative new solutions like Mercer Future Wise, and now with the acquisition of Pavilion, our retirement and investment offering continues to grow and become more sophisticated as we focus on providing better outcomes to a broader range of investors.

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“This acquisition will allow our consultants and advisers to draw on industry-wide best practices and deliver optimal outcomes for our clients.”

Summit, founded in 2006, offers traditional consulting, defined contribution services in addition to outsourced chief investment officer support. The firm managed nearly $160bn in assets at the end of December 2017.

Mercer global wealth business president Rich Nuzum said: “The depth and breadth of Summit’s expertise, coupled with our offerings, will benefit our collective client bases. We look forward to integrating our teams and offerings to provide a wider array of services.”