The Foster Denovo Group has agreed to acquire Punter Southall Aspire’s employee benefits business.
Foster Denovo, a national firm of financial advisers, said the businesses would combine under its own employee benefits division, Secondsight - noting the transaction would see its benefits team double in size and broaden its geographic coverage to include Edinburgh, Yorkshire and the south west, in addition to its existing coverage in London, Surrey and the rest of the south east.
The deal, signed on 16 November, is set to complete by the end of the year. Some 56 Punter Southall staff, led by current managing director David Taylor, will transfer as part of the transaction.
Foster Denovo said the businesses are aligned on proposition and service but noted each has a track record of excelling in distinct yet complementary areas, thanks to their actuarial and advisory heritage.
It said the combined business intended to draw on this background so clients can access services including financial wellbeing; corporate pensions advice; digital-powered employee benefit solutions; pension scheme governance; and health and protection.
Foster Denovo chief executive Roger Brosch commented: "This deal brings together two corporate advisers with hugely impressive track records in walking the talk when it comes to being client focused. Both are firms able to serve employers while also engaging in a meaningful way with employees. Combined, they are a corporate adviser powerhouse. One capable of kickstarting the regeneration of the sector and providing a much-needed shot in the arm for workplace guidance and advice.
"Cultural fit is so important in all our acquisitions and David leads a team that closely mirrors our values and priorities. I am confident and excited how well they will fit into Secondsight, and the wider Foster Denovo Group."
Punter Southall Aspire chief executive Steven Butler added: "Our employee benefits consultancy advises 700 corporate clients and has reached the point where the clients and employees will benefit from a larger organisation which reflects our commercial momentum and shares our cultural values.
"This deal not only nearly doubles the size of the combined employee benefits business but also means existing and new clients can access an even greater depth of expertise and experience to give their workforce the right support to remain committed, productive and energised."