UK - Xafinity has bought PricewaterhouseCoopers' scheme actuary, pensions administration and investment consulting business for an undisclosed sum.
The acquisition - which will complete August 13 - will enlarge Xafinity Consulting's UK business, create new offices in Belfast and Manchester and expand the firm's operations in its existing offices in Stirling, Leeds, London and Reading.
Xafinity said around 50 consultants, actuaries and administrators transfer would transfer to its business as part of the purchase - but noted no PwC partners would move across as part of the move, with client management responsibilities being taken on by incoming PwC staff just under the level of partner as well as existing Xafinity Consulting staff.
It stressed there would be no redundancies as a result of the move.
Xafinity Consulting managing director Robert Birmingham (pictured) said the purchase would increase the firm's headcount, turnover and bottom-line profit by around 25% to 30%
He said: "We are already a significant player in the UK market in both the trustee and corporate pensions market and this deal reinforces our commitment to those markets and it underlines our market share both organically and by acquisition."
PwC said it had taken the strategic decision to cease operating in the market of providing trustee scheme actuary and scheme administration services - adding it would now concentrate its expertise and investment on providing value-added pensions advisory services to corporates and trustees in the areas of its business that had seen significant growth in recent years.
PricewaterhouseCoopers partner and global head of human resource services Michael Rendell explained "We are withdrawing from the market of providing trustees with scheme actuary and scheme administration services to focus solely on the areas of our business where we feel we can add the most value to corporate sponsors and trustees in the UK.
He added: "We want to provide clients with the broad-based advisory services that we offer across the firm. Therefore, we consider that it is in the best interest of both the firm and our clients for the scheme actuary role to be managed by a third party.
"We firmly believe that the trustee clients and the PwC people transferring will benefit from the ongoing investment that Xafinity is making in building its trustee business."
The acquisition of the PwC businesses also follows Xafinity's announcement earlier this year that global private equity group, Advent International, had purchased the group from Duke Street.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.