GERMANY - Hewitt Associates has completed the merger of its German businesses.
The new firm, Hewitt Associates GmbH, began operating on January 1 and is headquartered in Munich.
In July, Hewitt had announced it acquired the remaining stake in its joint venture with benefits consulting firm BodeHewitt from Bayerische Hypo- und Vereinsbank. The joint venture was formed in 2005 and provides benefits consulting services to more DAX30 companies than any other firm, according to Hewitt. It also offered actuarial services to mid-small sized companies and other pension schemes.
Niels Rasmussen, managing director of the new firm, said: "We regarded this move as the next logical step for the organisation after working successfully together since 2005.
"We now have a clear focus with the combined company to broaden our existing capabilities into areas such as pension administration and investment consulting where we can make the best use of our knowledge and reputation within the German market and of Hewitt's global capabilities."
Olaf Petersen and Georg Thurnes will also serve as managing directors. The new firm touts 230 staffers working in Munich, Stuttgart and Wiesbaden.
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