US/CANADA - Watson Wyatt has announced it would spin off its multi retirement businesses into two separate companies.
Horizon Actuarial Services in the US and PBI Actuarial Consultants in Canada would be owned by current Watson Wyatt associates, not the original firm itself, although it would receive a percentage of all revenue over the next five years.
Gene Wickes, global director of benefits consulting at Watson Wyatt, said: “Multi-employer retirement work is a specialized area, better handled by a group of professionals dedicated specifically to that market.”
Wickes continued: “Similar to our spin-off of public pension fund retirement work earlier this decade, this transition makes good strategic sense.”
The transition would affect around 70 clients, accounting for approximately US$15m in annual revenue and be completed by January 2008.
Watson Wyatt also announced it could incur up to US$1m in one off restructuring charges.
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