Willis Towers Watson has announced that they have signed a definitive agreement to acquire Russell Investments’ actuarial practice.
The stand-alone actuarial business will see 22 staff and over 50 clients, spanning the corporate, Government, master trust and industry fund sectors, transfer to the global brokerage.
With a history stretching back over 30 years, the actuarial acquisition will strengthen the retirement team of the company,
Andrew Boal, regional head of Australasia for Willis towers Watson said.
“The combination of our teams will strengthen our value proposition for all our clients, by providing a wider and deeper range of expertise and service that covers both traditional and new retirement and analytic solutions,” Boal said.
Brad Jeffrey, head of Willis Towers Watson’s retirement business in Australasia, said that the business is confident that the acquisition will be “seamless” as the two teams integrate over the coming months.
The actuarial firm provides services to large and complex clients both in Australia and New Zealand and Pete Gunning, CEO for Russel Investments’ business in the Asia Pacific region, said that the deal will allow the actuarial business to continue its growth.
“The agreement also ensures this specialist practice will continue to grow under its new ownership and associates in the practice will continue to be provided with strong career opportunities,” Gunning said.
Terms of the transaction were not disclosed and the acquisition is expected to close in March 2017.
Related stories:
Willis Towers Watson reveals 50% profit drop
Willis Towers Watson announces key hire
