IRELAND - Watson Wyatt, the global consulting firm, has agreed to acquire KPMG's pension and actuarial group in Ireland for an undisclosed sum.
This deal follows KPMG’s decision to sell its actuarial business in Belgium to Aon Consulting late last year.
The Irish business is part of KPMG's people strategies division and advises clients on the design, implementation, communication and ongoing running of occupational pension schemes.
Denis O'Connor, managing partner of KPMG in Ireland, said: This decision has been reached in the light of growing sophistication in the pension and actuarial advice required by clients and increasing independence requirements.
The team is led by Raymond McKenna and includes two senior actuaries, Paul O'Brien and Brian Mulcair. In all, ten employees will move to Watson Wyatt. Watson Wyatt employs 60 people in Ireland.
Kevin Spring, managing consultant for Watson Wyatt in Ireland, said: This acquisition is part of our commitment to expand our business in Ireland, whilst at the same time maintain our commitment to quality and a high level of customer service. The professional standards of KPMG and Watson Wyatt are very compatible.
The acquisition of KPMG's pension and actuarial team positions Watson Wyatt as Ireland's second largest pension and actuarial consultancy.
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