Mercer Investment Consulting has moved to acquire a part of the independent investment firm Evaluation Associates from Millman, which works with financial intermediaries, for an undisclosed amount.

Evaluation is a wholly-owned subsidiary of Millman and the transaction is set to be completed by the end of the second quarter. This is Mercer's second acquisition of an investment consultant in 2011, having completed its takeover of Hammond Associates in January.

In a statement, Mercer said that Evaluation's work for financial intermediaries will help strengthen its wealth management strategy and further complements the capabilities brought in by its previous buyout of Hammond. Evaluation has some $200 billion in assets under advisement.

"We feel that this latest acquisition will strengthen our US investment consulting capabilities across important and growing client segments and expands our defined benefit and defined contribution consulting position. It will enable us to leverage Mercer's global expertise by serving Evaluation's client base," said Jeff Schutes, the US investment consulting leader for Mercer.

In a related transaction, Callan Associates will acquire Evaluation's public sector investment consulting business, also for an undisclosed sum.