Howden has agreed to acquire Barnett Waddingham, a UK-based professional services consultancy focused on risk, pensions, investment and insurance.
The transaction is expected expand Howden’s pensions advisory capabilities and support its broader ambitions for international growth in the employee benefits space.
Barnett Waddingham, established in 1989, operates across ten offices in the UK, including locations in London, Birmingham, and Manchester.
As of 2024, Barnett Waddingham employs approximately 1,790 individuals, including 99 partners. The firm serves a diverse clientele, including 22% of FTSE 100 and 15% of FTSE 350 companies.
In the financial year ending May 31, 2024, Barnett Waddingham reported a 10% increase in revenue, reaching £160 million. This growth reflects a sustained trajectory of organic expansion, averaging 12% per annum over the past three years.
The firm also experienced significant growth in its Self-Invested Personal Pension (SIPP) business, with Assets under Administration increasing by 41% to £21.3 billion as of May 2024.
Following completion, the acquisition will double the size of Howden’s global employee benefits business by headcount, with the combined workforce totalling approximately 4,000. Combined revenue for the unit will approach £500 million.
The enlarged business will provide a full suite of pensions and employee benefits advisory services to clients ranging from multinational corporations to SMEs, as well as individuals in both the private and public sectors.
David Howden (pictured above), CEO of Howden, said the group has aimed to build a global broking operation with a strong employee benefits offering.
Howden noted that in the UK and Ireland, the combined organisation will now employ more than 10,000 people across over 200 locations. The group provides services to millions of clients, including more than two-thirds of the FTSE 100.
Elsewhere, Howden is also reportedly close to finalising a US$10 billion acquisition of US-based Risk Strategies, a move that could set the stage for a stock market listing valuing the company at more than US$30 billion.
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