US - Towers Perrin and Watson Wyatt have completed their US$4bn merger, creating their new firm Towers Watson.
In a release yesterday, Towers Watson said it would begin trading on the New York Stock Exchange and NASDAQ today. The firm valued the merger, originally announced in June, at $4bn using Watson Wyatt's closing price on December 31. (Global Pensions; June 23, 2009)
The firm also said it planned to pay out $200m and issue an equal amount in one-year promissory notes to "certain Towers Perrin shareholders who have voluntarily elected to terminate their employment with Towers Watson".
Watson Wyatt chief executive John Haley will serve as Towers Watson chairman and CEO. Tower Perrin CEO Mark Mactas will serve as deputy chairman, president and chief operating officer.
The merger received shareholder approval on December 18 and clearance by the European Commission earlier in the month. (Global Pensions; December 22, 2009)
The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a refreshed ScamSmart campaign to warn savers about unsolicited pension communications.
Ann Harris OBE and Mike Dailly have been appointed non-executive directors at the upcoming single financial guidance body (SFGB).
Pension schemes are "placing too much focus" on a narrow section of the private debt market where competition is driving down "compelling opportunities", according to Willis Towers Watson.
Barnett Waddingham's head of business development Adrian Cooper has left the consultancy to join TPT Retirement Solutions in a newly-created role.