JLT says combined revenues of £125m and staff of 1,400 mean it has leapfrogged Aon, taking its place in the top four alongside Mercer, Watson Wyatt and Hewitt.
Duncan Haworth, chief executive, JLT UK Employee Benefits, says the merger will allow it to target bigger companies. “The depth of talent we now have in the combined investment consulting practice makes us a very strong player with more than 75 actuaries. We think this takes us ahead of Aon into the top four.
“This acquisition brings together two market leading employee benefit consultancies which have great synergy in both culture and client offerings. As a combined business we will be at the forefront of industry developments in all our principal areas of operations: DB and DC pension solutions and wider employee benefits services.
Dominic Burke, Chief Executive, JLT Group says: “The acquisition, which fits squarely with our stated strategy of bolt-on acquisitions, adds substantially to a core component of the JLT Group. It is a complementary deal, playing to our strengths and adding capabilities in important professional fields. This transaction underlines our determination to see our employee benefits business grow as a strategically central part of the JLT Group.
In the year ended 31 December 2008, HSBC Actuaries and Consultants had revenues of around £40 million. It has 440 employees and operates across six practice areas: trustee consultancy; corporate consultancy; administration services; defined contribution consultancy; investment consultancy and health and risk consultancy.
Richard Reid, chief executive of HSBC Actuaries and Consultants says: “We are focused on ensuring that our customers continue to benefit from high quality service and financial solutions. The JLT Group is a market leader in the provision of pension solutions and wider employee benefits and we are now working together to ensure that all of our existing customers benefit seamlessly from our combined expertise.”