mercer’s global manager research generic pitchbook · w h y m e r c e r on long-term risk and...

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MERCER INVESTMENTS

OUR SERVICES


M E R C E R I N V E S T M E N T

• Investment Manager & Performance Analytics

• Due Diligence & Operational Risk Assessments

C U S T O D I A N S E R V I C E

& F E E R E V I E W

• Custodian Fee / Service Search

• FX / Securities Lending Review

E S G A N A L Y S I S

• ESG Rating Framework

• Educational Workshops

• Peer Practice / Stewardship Monitoring

• Portfolio Climate Risk Assessment

A L M S T U D I E S

I N V E S T M E N T M O N I T O R I N G /

C O N T R O L L I N G

T E A M O F

S P E C I A L I S T S

ImplementationInvestment

Monitoring

Portfolio

Construction / Asset

Allocation

Investment

Strategy Setting I N V E S T M E N T C O N C E P T S

• De-Risking

• Advice on journey planning

O V E R V I E W

O P E R A T I O N A L R I S K

A S S E S S M E N T

• Operational Risk Assessments

• Operational Risk Survey

M A N A G E R S E A R C H E S

I N V E S T M E N T

I M P L E M E N T A T I O N

• Traditional Assets

• Liquid Alternative Assets

• Private Markets

G L O B A L R E S E A R C H

• Quarterly Dynamic Asset Allocation

• Global Reference Portfolio

• Annual Themes and Opportunities


E X C H A N G E ™



O U R S E R V I C E S

1 . M A N A G E R S E A R C H E S

2 . E S G A N A LY S I S

3 . I N V E S T M E N T C O N C E P T S

4 . I N V E S T M E N T I M P L E M E N TAT I O N

1 . T R A D I T I O N A L A S S E T S

2 . L I Q U I D A L T E R N A T I V E A S S E T S

3 . P R I V A T E M A R K E T S

5 . M E R C E R I N S I G H T

6 . A L M S T U D I E S

7 . I N V E S T M E N T M O N I T O R I N G / C O N T R O L L I N G

8 . C U S T O D I A N S E R V I C E & F E E R E V I E W

9 . O P E R AT I O N A L R I S K A S S E S S M E N T


O U R V A L U E P R O P O S I T I O N

M A N A G E R R E V I E W / S E A R C H

T H E I S S U E

• Finding a manager that has the capability and

resources to outperform the benchmark and help

to achieve long-term target returns.

• Having a robust process for identifying the

managers with the best chance of success while the

range of returns for the active portfolios continues to

be much greater than that of the index portfolio.

• Couple a proper governance and monitoring process

and a sufficient time horizon with the ability to make

taxing and often behaviorally difficult decisions.

• To review a universe of more than 11’000 strategies

can be a time intensive work.

H O W D O E S T H I S A D D V A L U E

• Being able to hire the best active manager within

the global market with the assistance of global

asset specific research specialist-

• Finding a manager based on a fundamental,

forward looking research intensive process that

does not only look at quantitative figures.

• Believing in a robust and consistent framework that

is based on evidence, but flexible enough to

customize to your needs.

• Deep insight not only within financial but also

operational due diligence by working with specials

that assess 100+ manager annually.

W H Y M E R C E R

• Mercer can help guide the Investment Committee through the process: from the long list, to short list to the final

selection exercise (“beauty parade”) stage.

• 6,116 Managers on Mercer Insight with 33,366 strategies covered, 11,267 strategies rated and 5,698 strategies ESG

assessed

• Four specialist boutiques focusing on equity, fixed income, hedge funds and real estate

We believe that active management is a skill and, as evidenced by our value add analysis; our manager research process can improve the likelihood of identifying skilful managers.



M A N A G E R R E V I E W / S E A R C H

C A S E S T U D Y

CLIENT SITUATION

A Swiss pension fund requested that Mercer review the insurnace-linked

securities asset class as well as its current investment managers. Due to

the fact that one of the current managers was assessed as not being of

sufficient quality to successfully and consistently meet its target, the client

asked Mercer to identify a suitable replacement manager.

OUR APPROACH

Mercer’s consulting team partnered with the insurance-linked securities

expert within the hedge fund boutique to review the client’s portfolio. The

investment due diligence and operational risk assessment reports

available on MercerInsight were reviewed to gain a full perspective of the

investment capabilities and potential operational risks of each investment

manager. An in depth assessment was prepared and the results were

discussed with the client. From the then shortlisted managers, Mercer

assist the client to choose managers to make a final presentation, after

which a choice of investment manager was made.

CLIENT BENEFIT

The client was able to identify an insufficient strategy and replace it with a

manager and strategy that better fit the portfolio.




T H E I S S U E

• Understanding the increasing regulations and

acceptance of the materiality of ESG considerations

for long-term investment performance among

financial regulators.

• Considering ESG factors in decision-making

processes by not sacrificing some measure of

investment performance in the pursuit of values

alignment.

• Being able to assess risks and opportunities

while the past for responsible investment is no

longer prologue.

• Active ownership - voting and engagement - helps

the realization of long-term shareholder value.


• Board Workshops can help establish board views,

understandings of RI trends and approaches and

align investment beliefs with decision-making.

• Mercer can ensure that beliefs and legal

requirements are reflected in the policy and a clear

policy positions is set, that will flow down into

process and practice.

• Taking a sustainable investment view that identifies

financial implications (risks and costs) and growth

opportunities is more likely to create and preserve

long-term investment capital.

• Environmental, social and corporate governance

risks and opportunities can have a material impact

on long-term risk and return outcomes. W H Y M E R C E R

• Mercer’s RI team has 14 specialists located globally plus 140 manager research specialists considering ESG factors when

researching investment managers. Out of the 6,000 Managers on Mercer Insight 5,710 strategies are rated on ESG.

• Our research developed a proprietary risk framework, ‘TRIP’ for considering climate change risk from an investment

perspective, identifying four climate change risk factors: Technology, Resource Availability, Impact of Physical Damages

and Policy.

Mercer’s Pathway to Responsible Investment supports a clear strategy and an implementation plan to allow clients to invest in smarter ways by factoring more nuanced, long-term thinking into their decision-making to meet their investment objectives.



A L L O C A T E T O

S U S T A I N A B I L I T Y

T H E M E S


C A S E S T U D Y

CLIENT SITUATION

Trust with a multinational mission formed in October 2004 consulted

Mercer with the target to maintain real purchasing power and, if possible,

growing it. The trust was targeting an annual real total return of 4%+, net

of fees by including responsible investment guidelines.

OUR APPROACH

Pursuing an ESG integration approach might involve considering ESG

factors in the process of selecting investments and constructing a

portfolio. Mercer embedded an RI strategy through a comprehensive

implementation and monitoring framework by holding different workshops

with the trustees. Mercer further offered integrated RI considerations with

a focus on climate change within the revised SAA – c.51% of the portfolio

invested in sustainability themed funds and advises further on interim and

annual reporting on RI activity.

CLIENT BENEFIT

Mercer has supported trust’s efforts to leverage RI approach and achieve

a broader mission. While before implementation a significant

outperformance was performed well below benchmark (-27%), until today

returns have outperformed by 15%+ while costs could be saved.

Q U E S T I O N S O N

E S G I N

S E L E C T I O N /

M O N I T O R I N G

M E R C E R E S G

R A T I N G S O N

S C R E E N

U N D E R T A K E

A D D I T I O N A L

D U E D I L I G E N C E

ESG EDUCATION SEMINAR

MERCER ESG RATINGS

ASSESSMENT

MSCI ESG RATINGS

ASSESSMENT

SRI MONITORING REVIEW

CARBON FOOTPRINTING



I N V E S T M E N T C O N C E P T / S T R A T E G Y D E F I N I T I O N

T H E I S S U E

• Strategic asset allocation has traditionally been

based on an assumption of long-term market

equilibrium, but in practice, markets rarely reflect

“fair value”.

• At any given point in time, the behavior of market

participants can cause the price of an asset class to

deviate significantly from its underlying value.

• While strategic asset allocation is key to investors

achieving their long-term objectives, a static strategy

is unlikely to be sufficiently robust or able to capture

all the available return-seeking/risk-mitigation

opportunities.


• Established Track Record of Mercer’s investment

beliefs (Dynamic Asset Allocation “DAA”).

• We exploit deviations from long-term expectations to

deliver improved returns and sound risk

management.

• Mercer bridges the gap between long-term strategic

asset allocation and the shorter-term horizons used

by active investment managers.

• The depth and breadth of our experience allows us

to offer a comprehensive menu of advice to help you

navigate complex capital markets.

W H Y M E R C E R

• Our consultants use our proprietary tools, breadth of expertise, global scale and decades of experience to

help clients construct their portfolios and asset allocations.

• Over 40 years in the business, Mercer is one of the largest investment advisors in the world.

• Mercer uses a consistent, global risk budgeting framework when consulting with clients on investment

strategy.

Implementing medium-term asset allocation views can add value, but it can also mitigate downside risk in a portfolio. Success in dynamic asset allocation is more likely within a structured framework.



I N V E S T M E N T C O N C E P T / S T R A T E G Y D E F I N I T I O N

C A S E S T U D Y

CLIENT SITUATION

A public Swiss Pension fund recently decided to review their asset

strategy and requested Mercer to consult them in their investment

concept.

OUR APPROACH

Mercer believes that investment strategy should be determined based on

our clients’ unique circumstances in accordance with best practice. We

use however a multi-year perspective strategic asset allocation to define

attractive asset classes for a pension fund while the dynamic asset

allocation focuses on the macro environment and uses tilt to improve the

risk and return. The approach also involves defining investment risk

relative to the specific fund’s liabilities and identifying an acceptable

budget for risk. Portfolio construction are then made by identifying the

pockets that add value and in a last step find the best in class managers

mix to provide a robust blend.

CLIENT BENEFIT

Mercer was able to construct an investment concept that increase the

return by 40%, reduce the risk by 10% immediately and ensure that long

term results are in line with the investment strategy.



L I Q U I D A L T E R N A T I V E S

T H E I S S U E

• Our clients have differing needs and governance

requirements and we are able to support portfolio

construction in three different ways:

“Do it for me” clients that desire an outsourced

approach through a commingled fund

• “Guide me” clients which require a tailored

solution though either an outsourced or

advisory relationship

• “Let me do it” clients that require professional

advice to build their own portfolios

.


• Long history of advising clients on hedge fund

portfolio construction and in managing diversified

hedge fund portfolios.

• Significant experience in researching liquid

alternative asset classes such as hedge funds.

Deeply experienced analysts in each specific sub-

asset class provide intricate knowledge.

• Our clients can access highly rated managers that

are “soft closed” due to our long standing

relationships.

W H Y M E R C E R

• USD 73.1bn Hedge Fund Assets Under Advice.

• 4,778 hedge fund strategies on mercer insight,1,408 strategies being rated and 233 that have an A rating.

• 28 dedicated hedge fund researchers with 13 years average experience.

• 15 dedicated specialist within the hedge fund implementation solution team.

Constructing and monitoring a diversified portfolio of liquid alternative and hedge fund managers can command a material amount of our clients’ governance budget. In addition, many highly rated hedge fund managers are “soft closed” to new investors.



P R I V A T E M A R K E T S

T H E I S S U E

• Being able to define an illiquidity budget and the

right diversification to keep risk at a minimum.

• Portfolios need to be diversified across sectors and,

because market returns tend to be cyclical, across

vintages.

• Private markets investment should cover a range of

asset classes with different maturities and profiles to

keep allocations on target.

• Since private markets managers do not call down

their entire investor commitment immediately,

investors must be sure they have cash ready as and

when required.


• Significant experience in researching private market

asset classes. Deeply experienced analysts in

each specific asset class provide intricate

knowledge, compared to wealth managers’

generalists.

• Mercer can use new investments as an extension

of an existing relationship rather than as a new

relationship, many managers that are “soft closed”

are seeking to rebalance investor mix towards long

term, patient investors.

• Mercer clients benefit from preferential access to

capacity flowing from the strong and long-standing

relationships that Mercer has built with managers.

W H Y M E R C E R

• USD 20bn Private Market Assets Under Management and USD 120bn under Advice.

• More than 132 clients, 8 country operation with more than 20 years operating history.

• 90 dedicated researcher only focusing on private market, with a global manager coverage

• Mercer has advised for more than a decade and screened over 6,000 private market fund offerings.

Allocations to real assets can play many roles in investment strategy design. Focusing on categories tends to skew decisions based on past experience. Instead, investors should focus on return / risk requirements and specific objectives which dictate the choice of real assets.



P R I V A T E M A R K E T I M P L E M E N T A T I O N

C A S E S T U D Y

CLIENT SITUATION

A large corporate Swiss pension fund decided to increase their allocation

to private markets. Keeps additional costs low and to not significantly

increase investment risk were two important considerations for the

implementation.

OUR APPROACH

Mercer offers different approaches of implementation from fund of fund to

separate accounts, and from advisory to discretionary and non-

discretionary mandates. Using the global substantial negotiation strength

by providing the lowest estimated overall fees.

CLIENT BENEFIT

Mercer Private Market helped the client to achieve a superior risk

adjusted return with a greater diversification and access to opportunities

that were not available to new single investors. Once implemented,

Mercer further provides ongoing monitoring to the client.



M E R C E R I N S I G H T

T H E I S S U E

• Keeping track of thousands of global asset manager

and strategies and products.

• Having the ability to view a wide range of information

from quantitative analysis on performance and

holdings data.

• Having one system to keep recent and current data

updated.

• Keeping yourself informed of recent changes within

the asset manager market as well as managers /

decision people within a manager’s organization.

• Being able to compare investment manager fees by

asset class, vehicle type, account size and more.


• Offers institutional investors as well as asset

managers a new level of transparency and insight in

the industry.

• Improves ability to deliver better solutions and

overall outcomes for clients.

• Increase efficiencies by having access to one

technology and digital platform.

• Operational Due Diligence available.

• Fully integrated ESG rating framework.

• Analyze trends in investment manager searches

with custom reporting and filtering.

W H Y M E R C E R

• Largest institutional database worldwide with qualitative and quantitative research reports compiled through onsite

visits by more than 150 dedicated Mercer research staff

• Over 60 statistics available to measure a manager against a huge range of market indices, Mercer constructed peer

groups and track client specific performance

• Compare investment manager fees by asset class, vehicle type, account size and more

• Analyze trends in investment manager searches with custom reporting and filtering

MercerInsight is a sophisticated yet simple-to-use cloud-based platform for institutional investors and investment managers to gain access to insights and analytics on more than 6,000 managers and 32,000 strategies.



M E R C E R I N S I G H T

C A S E S T U D Y

CLIENT SITUATION

A large corporate Swiss pension fund client decided to increase their in-

house expertise within the asset management and preferred to minimize

the number of external tools.

OUR APPROACH

Mercer as their current investment consultant was able to offer the client

a 10 days trial period to assess the value that having access to

MercerInsight can provide and to see whether it was suitable for their

needs.

CLIENT BENEFIT

The client is able to perform their own screening to perform global

manager searches through having access to qualitative manager

research notes and quantitative analytics. In addition, ongoing monitoring

was enhanced with access to manager updates and performance data.

As ESG research is also embedded within MercerInsight, the client’s

currently separate review of managers will no longer be required.

—

R E S E A R C H

—R e s e a r c h & R a t i n g s

f r o m M e r c e r ’ s G l o b a l

M a n a g e r R e s e a r c h

B o u t i q u e s

—

A N A L Y Z E

—P o w e r f u l D a t a I n s i g h t s

u s i n g o u r c u t t i n g - e d g e

An a l y t i c a l E n g i n e

—

T R E N D S

—Ad v a n c e d I n t e l l i g e n c e

o n S e a r c h , C l i c k a n d F e e

Ac t i v i t y

—

P R O F I L E

—O v e r v i e w a n d K e y

I n f o r m a t i o n o n

S t r a t e g i e s a n d

M a n a g e r s

—

S C R E E N

—F l e x i b l e a n d

Ad v a n c e d S e a r c h

u s i n g o v e r 4 0 0 0 D a t a

P o i n t s

—

O R A

—O p e r a t i o n a l R i s k

As s e s s m e n t

a n d D u e D i l i g e n c e s



A S S E T - L I A B I L I T Y M O D E L L I N G S T U D I E S

T H E I S S U E

• Regulatory benefits can be financed on a long-term

basis with current liabilities paid without incurring

unsustainable risks in the short and medium term.

• The pension fund is subject to external influences,

which significantly affect the room for maneuver for

structuring the parameters of the benefits, funding

and investment strategy.


• Comprehensively understand the current situation,

the framework conditions and the objectives set.

• Identify action options for all aspects of the benefits,

funding and investment strategy and understand

their consequences.

• Being able to analyze risks in depth, make them

transparent to all stakeholders and show the

contribution of different factors to return and risk.

• Development of an investment strategy on the basis

of the identified framework conditions such as return

requirements, risk capacity and willingness, liquidity

requirements, permitted investment categories and

the situation on the financial markets.

W H Y M E R C E R

• Mercer uses a dynamic model for the projection of liabilities, which reflects the evolution of your insured

population. On the asset side, robust optimization modelling is conducted using various market regimes in

order to better model extreme risks ("fat tails"). With proprietary systems comes a high degree of flexibility in

considering client specific requirements to identify optimal investment portfolios.

• On a global basis, more than 2,700 institutional clients rely on Mercer's consulting services.

A benefit, funding and investment strategy must be defined in such a way that the regulatory benefits can be financed on a long-term basis with current liabilities paid without incurring unsustainable risks in the short and medium term .



A L M S T U D Y

C A S E S T U D Y

CLIENT SITUATION

A pension fund consisting of different sub-plans with benefits on LPP-

minimum and four types of employees has a need to perform an ALM-

study every 3 years.

OUR APPROACH

Mercer believes that only an integrated view of relevant framework

conditions, client objectives, benefits strategy, funding strategy and

investment objective leads to sustainable results. A comprehensive risk

analysis with a transparent presentation of the risks and consequences of

various options for action is imperative as a decision-making basis for our

clients. The inclusion of global expertise in the development of options for

action under local conditions by our local experts extends the room for

maneuver and leads to implementable results.

CLIENT BENEFIT

As a result, the Board of Trustees of the pension fund is in a position to

make a qualified decision to secure the long-term funding of the liabilities,

considering the plan specific situation and the relevant risks.



I N V E S T M E N T M O N I T O R I N G

T H E I S S U E

• The complexity of the financial market as well as its

product has increased.

• Ensure that return and risk are in line with the

client’s objectives and investment guidelines.

• Being able to keep track of the deviations in asset

allocation and rebalance if needed.

• Understand the drivers of investment performance

and risk.

• Ensuring that developments within investment

managers that could impact future success are

appropriately identified.


• Common understanding through transparent

communication and open discussions with

experienced consultants.

• Flexible monitoring reports based on client

requirements and target audience.

• Focus on client, market and manager knowledge to

provide relevant, implementable recommendations.

• Easy to interpret tables and charts which allow

clients to assess whether their managers are

delivering the performance expected of them relative

to their benchmarks, and to assess how likely it is

that medium-term targets will be achieved.

W H Y M E R C E R

• Experienced team with long tenure in the investments market.

• Proprietary systems allow comprehensive risk, return and peer group analysis.

• Mercer can draw on the global knowledge and experience of more than 2,000 employees in all areas of

investments.

Implemented investment strategies should be proactively monitored to ensure that they remain appropriate, managers are able to meet their objectives and that any risks are quickly identified.



I N V E S T M E N T M O N I T O R I N G

C A S E S T U D Y

CLIENT SITUATION

A pension fund has different mandates which are managed in line with

the asset allocation defined by the board of directors.

OUR APPROACH

Mercer provides an overview of return attribution, contributions and major

deviations from the benchmark as well as from the standard asset

allocation in a quarterly monitoring and controlling report and regularly

exchanges with the client. The performance reports further provide

commentary on developments at investment managers and our opinions

of their impact on future performance. A summary of the controlling

reports is further provided in a power point format so that major

investment topics can be taken up easily in the board meeting with or

without an investment consultant being part of the meeting.

CLIENT BENEFIT

By tracking the different managers, Mercer ensures that risks are in line

with the strategic asset allocation of the client, rebalances are made

timely and the contribution to return is in line with expectations. We seek

to help the clients understand the key drivers behind past and future

performance, the extent to which these are in line with an investment

manager’s philosophy, approach and mandate guidelines and therefore

begin to assess the manager’s results in terms of skill or luck.



C U S T O D I A N S E R V I C E & F E E R E V I E W

T H E I S S U E

• Based on efficiencies in the custody servicing

marketplace: Clients are likely paying above-

market custody fees and show inability to

negotiate market appropriate fees.

• Custody processing requires large investments in

technology & systems. Operating costs continue to

decrease as more processes are automated.

• Custodians have little to no incentive to suggest

lowering fees. Prudent fiduciaries validate their

custody pricing periodically.

• Fiduciary risk based on lack of critical support from

custodian.


• Pre-qualifies clients to determine the impact and

benefits of a full custody review or a full fee

benchmarking exercise.

• Clients are able to leverage the analysis to

maximize services and ensure appropriate fee

levels.

• Potential for fee savings by assessing alignment

of services relative to fees (underutilization of

custodian while paying a premium)

• Due diligence review limits fiduciary risk.

• Detailed findings reports with actionable plan to

assist client’s in next steps

W H Y M E R C E R

• Experienced team with backgrounds in custody ranging from operational to client-facing with the ability to

estimate the potential savings and impact of a full custody review.

• Track record of reducing fees for clients, on average, by 20-40%.

• Custom solutions to support in-house operations.

• Free service of invoice review for all clients and prospects

There is a perception that custody reviews are too time intensive for clients with minimal

indication of long-term cost savings. Mercer hat a proven ability to negotiate market

appropriate fees on average with a 20-40% fee saving.



C U S T O D I A N S E R V I C E & F E E R E V I E W

C A S E S T U D Y

CLIENT SITUATION

A Institutional Client with multiple pension plans who had not reviewed

custody services in 10+ years consulted Mercer.

OUR APPROACH

Mercer met with the client to discuss their current custodian relationship,

focusing on industry changes since the client’s last at-market review.

Initial discussions indicated that the client was underutilizing their

custodian and accepting a sub-standard level of service while paying

a premium for these services. The Client hired Mercer to perform an at-

market fee and service review

CLIENT BENEFIT

The market fee and service review resulted in the addition of new service

levels (performance, annual/regulatory support, and enhanced alternative asset

support/analytics) while still realizing fee savings of 28%.

VALUEREDUCE RISK AND POTENTIALLY IMPROVE RETURNS

DECREASE COSTS/FEES

IMPROVE THIRD PARTY SERVICES

DEDICATED GLOBAL

SPECIALIST TEAMSPECIALIZED INDUSTRY EXPERIENCE

MULTI-DISCIPLINARY EXPERTISE

RISK MANAGEMENT

CONSULTING



O P E R A T I O N A L R I S K A S S E S S M E N T

T H E I S S U E

• Most significant losses result from inadequate or

failed internal processes, people or systems while

the focus is set on investing.

• The market is evolving faster than the operational

support and control framework and the complexity of

Operational Processes, Regulations, and

Compliance is underestimated.


• We help manage the risk of investing in firms with

weaker operational and regulatory procedures —

3% of managers we analyze do not meet Mercer’s

• Clients reduce investment operation risks by

understanding how an asset manager’s middle- and

back-office operations compare to industry best

practices.

W H Y M E R C E R

• Keen insight into global safe & sound best practices. highly evolved & comprehensive process.

• Independent, global team with expertise across investment operations & execution, asset classes

governance, risk management, audit and compliance with Rating Committee.

• Global team Insight into best practices based on 100+ manager assessments annually.

There have been over 350 recorded incidents of operational failure leading to losses in excess of €80B in client assets while surveys show that improving operational infrastructure can increase investment performance in average by 119 bps .



O P E R A T I O N A L R I S K A S S E S S M E N T

C A S E S T U D Y

CLIENT SITUATION

Mercer Sentinel was engaged to perform a governance and internal

operations and control assessment operations risk assessment of a

boutique investment management firm.

OUR APPROACH

The review consisted of an assessment of investment execution,

operations and support functions, as well as external service providers.

Our process included an on-site visit at the investment manager’s

headquarters as well as a documentation review and follow up

conference calls.

CLIENT BENEFIT

Mercer Sentinel was able to identify issues relating to segregation of

duties, firm governance, compliance policies and procedures, technology

infrastructure, business continuity and disaster recovery planning and

cash controls. The review provided recommendations to remedy the

identified weaknesses and effectively implement best practices.

PRE-ONSITE

BUILD KNOWLEDGE BASE

ASSESSMENT

DOCUMENTATION AND

PERSPECTIVE

ONSITE WORK

TRUST BY VERIFY

«MOST SIGNIFICANT LOSSESS RESULT FROM

INADEQUATE OR FAILED INTERNAL PROCESSES,

PEOPLE OR SYSTEMS»

mercer’s global manager research generic pitchbook · w h y m e r c e r on long-term risk and...

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