SWITZERLAND/BELGIUM - KPMG has sold its consulting and actuarial businesses in Switzerland and Belgium to Mercer and Aon for an undisclosed amount.
Mercer Human Resource Consulting has acquired KPMG Benefit Consulting, while Aon Consulting Belgium bought KPMG Assurance and Advisory Services. The acquisitions will be effective from December 1, 2003 and November 1, 2003 respectively.
The deals follow Mercer’s acquisition of KPMG’s pension consulting division in Germany earlier this year.
The terms of agreement will add 24 employees to Mercer’s Swiss team and a staff of 20 to Aon’s unit.
“As a result of the stricter principles of independence, KPMG is no longer able to offer certain Benefit and Institutional Investor Consulting to its own audit clients.
“Although the division has been very successful in the past, further growth is restricted by this development, which was the reason for the sale,” KPMG said on its sale to Mercer.
Edouard Merette, Mercer’s Executive Vice President responsible for European operations, said: Mercer is responding to the local growth in demand for actuarial, investment and pensions and benefit program consulting, as well as outsourced benefit administration.”
The current KPMG Division Manager, Urs Schaffner, will take over the management of Mercer’s pension fund advisory services in Switzerland.
On the sale of its Belgium actuarial operations, KPMG said: “Due to recent legislation regarding corporate governance, auditors are no longer allowed to provide certain non-audit services that could be thought to jeopardise their independence.
“As actuarial calculations are one of those prohibited services, the continued development of KPMG Actuaries was no longer assured.”
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