Hillhouse Is Said to Near Deal for Marsh’s Risk Adviser and Broker PCS

Hillhouse Investment is nearing a deal to buy Marsh’s financial risk manager and life insurance broker for high-net-worth individuals, primarily in Asia, according to people familiar with the matter.

The firms are working out an agreement that may get announced as soon as Friday, the people said, asking not to be identified because the information is private. Hillhouse emerged as the likeliest buyer of Public Client Services, which is under Marsh’s Mercer subsidiary, after outbidding other private equity firms, the people said.