Hewitt completes German business merger
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.
Latest stories
Our politicians should help us simplify the system
Alan Pickering says politicians should have the freedom to redefine what is meant by 'absolute'
Emerging-markets debt: A new hope
Industry Voice: Sponsored by Eaton Vance
Five stories you may have missed this week
This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
RBS reports £100m GMP impact; slashes equity exposure by two thirds
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.
