UK - Hewitt Associates has launched a dedicated defined contribution (DC) team, made up of existing members of staff, to deal with what it believes is a maturing sector of the market.
The team will be spearheaded by Tony Baily, Steve Busby, Chris Cairns and Andrew Cheseldine, who will be responsible for developing Hewitt’s existing DC consulting resource.
Steve Busby and Andrew Cheseldine are new appointments, having joined Hewitt at the end of 2005, with the express purpose of collaborating on this new initiative. Tony Baily and Chris Cairns were senior consultants within Hewitt’s retirement and investment consultancy businesses respectively.
Commenting on the new team, Andrew Cheseldine said: “The DC market has already grown enormously in the last five years and, while all evidence suggests that the shift from a defined benefit arrangement to DC is continuing, DC is now entering a new phase. Quite simply, the market has matured and trustees and companies require more specialist ongoing advice.”
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