Mercer, the consulting and investment arm of Marsh McLennan, has named Thomas Cannataro as its US wealth management leader, effective immediately. Cannataro, who spent more than two decades at BlackRock, will oversee the firm's wealth management growth strategy and commercial expansion across the country.
In his new role, Cannataro reports to Anne Marie Schultz, Mercer's US investments commercial leader. He will be responsible for scaling the firm's wealth management offerings and driving revenue growth, particularly in the independent and fee-based advisor segments, which Mercer has identified as a key growth area.
Schultz praised Cannataro's leadership and commercial track record, noting that his experience aligns with Mercer's strategic direction. "His experience aligns closely with our strategy, and he brings the leadership, commercial acumen, and execution focus to continue to unlock our strengths and build the next generation of our wealth management business," she said in a statement.
Cannataro joins Mercer from BlackRock, where he most recently served as head of portfolio design and models distribution. In that role, he led a national team focused on the commercialization and advisor adoption of model portfolios and portfolio construction tools—a segment that has grown as advisors increasingly seek turnkey investment solutions. Earlier in his BlackRock tenure, he led sales desks in Princeton and San Francisco and headed the advisor services group.
His appointment comes as Mercer, part of Marsh McLennan, has been working to strengthen its position in the US wealth management market. The firm has been investing in technology and advisory capabilities to serve a growing base of independent and fee-based advisors. The move also follows a broader trend of asset managers and consultants hiring experienced leaders to bolster their wealth offerings, as seen in recent hires at Cetera Financial Group and Edelman Financial Engines.
Cannataro holds a bachelor's degree in finance from the University of Delaware and carries both the Certified Financial Planner (CFP) and Certified Investment Management Analyst (CIMA) designations. His background in portfolio construction and advisor-facing roles is expected to help Mercer expand its model portfolio and managed account offerings, an area of increasing demand.
"Mercer has a strong platform, a highly respected brand and tremendous potential to grow its business within the wealth management industry," Cannataro said. "I look forward to working with colleagues across the firm to build on that foundation and deliver for clients."
Industry observers note that Cannataro's hire is part of a broader push by Mercer to compete more aggressively with dedicated wealth management firms. The company has been expanding its RIA custody and advisory services, and his experience could help bridge the gap between institutional consulting and retail wealth management. Similar leadership moves have been seen at Northern Trust and Perigon Wealth, as firms jockey for position in the high-net-worth space.
Mercer's wealth management business serves a mix of corporate clients, retirement plans, and individual investors, and Cannataro's mandate includes enhancing the firm's value proposition for advisors and their clients. His appointment is effective immediately, and he will be based in the firm's New York office.
