Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.
The sale - which was first announced earlier this year - is a part of the company's previously announced plan to divest approximately $1bn (£780m) in revenue associated with non-core assets and focus on serving large enterprise customers and scalable business relationships.
The business - which has rebranded from Conduent HR Consulting to Buck - will be led globally by chief executive Jack Freker, who has joined the firm as a result of the deal. He has led a number of companies over his career and was most recently the chief executive of media business, YP/Print Media, and has also led First Advantage, an employee screening firm.
Buck's UK businesses will continue to be led by David Piltz.
Commenting on the deal, Freker said: "As an independent entity operating under the relaunched Buck brand, we are well-positioned to grow across all aspects of our business.
"With global scale and best-in-class technology, combined with our deep bench of experienced and passionate professionals, we are proud to continue serving as a trusted partner to our clients. Buck is uniquely positioned amongst its competitors as a nimble, agile and client-centric provider for customised solutions to drive positive health, wealth and career outcomes for employees."
H.I.G. Capital managing director Matt Lozow added: "Buck is an excellent platform within the integrated HR consulting and outsourcing space. We've invested in an exciting organization with a full suite of services, differentiated technology, global scale, an exceptionally talented group of employees and leaders and unparalleled client tenure.
"We look forward to further helping Buck scale its existing services and build new solutions for a dynamic marketplace."
Buck - originally founded in 1916 as an actuarial consulting business - was an independent business until it was bought by Mellon Financial in 1997.
The Buck Consultants brand name was scrapped in late 2003 when Mellon unified various business lines under the name Mellon Human Resource & Investor Solutions, before being reintroduced in 2005 when Affiliated Computer Services (ACS) bought Mellon's human resource businesses. In 2010, Xerox acquired ACS for $6.4bn. Buck Consultants was later rebranded as Buck Consultants at Xerox.
At the beginning of 2017, Conduent was spun off from Xerox. Buck Consultants, which was one of the divested businesses, was rebranded to Conduent HR Consulting.
Redington is in the process of securing private equity backing from Phoenix Equity Partners for an undisclosed amount.
The Pension Protection Fund (PPF), in partnership with Dun & Bradstreet (D&B), has published its plans for updated insolvency risk services and is consulting on its approach to insolvency risk measurement from 2021.
The Pensions Regulator (TPR) has published research on leverage and liquidity to better gauge the potential risks for defined benefit (DB) pensions and inform the Bank of England’s Financial Stability Report.
The first formal review of the Local Government Pension Scheme (Scotland) (LGPS) has revealed all 15 of its funds are in a strong financial position.
In this week’s Pensions Buzz, we want to know if you think defined benefit trustees should help their members source financial advice.