US - Consulting firm Gabriel, Roeder, Smith & Company (GRS) is to acquire Watson Wyatt's US-based public sector retirement practice.
In addition, the two firms have signed an alliance agreement under which they will mutually refer future business opportunities and explore joint consulting assignments. The agreement is effective August 31, 2001.
Watson Wyatt will transition approximately 120 US public sector retirement clients, representing approximately $6m in annual revenue, to GRS over the next few months. In addition, some of Watson Wyatt’s consultants that specialise in public plan retirement work will be moving over to GRS.
In a few cases, Watson Wyatt will continue to provide retirement services to public sector plans - those exceptions are for federal government entities, businesses managed by municipalities, cities or states and Native American tribes or nations.
Under the alliance agreement, Watson Wyatt and GRS expect to mutually refer business opportunities and explore joint consulting assignments, particularly those where Watson Wyatt would provide asset/liability modelling and HR technology consulting, and GRS would provide retirement services to public sector clients.
By Janet Du Chenne
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