Pension and benefits consultancy JLT Employee Benefits (JLT EB) has entered into an agreement with Close Brothers Asset Management (CBAM) to acquire its three corporate businesses.
The transaction aims to further strengthen JLT EB’s market presence. It will include: CBAM’s employee benefit solutions business, which delivers pensions advice and defined contribution (DC) administration services; CPRM, which provides actuarial consulting and defined benefit (DB) administration; TEAMS, which offers investment advice and specialist consulting to DB and DC schemes.
The acquisition does not include CBAM’s financial education business.
Under the transaction, approximately 350 clients and 40 employees will move across from CBAM’s corporate businesses to JLT EB.
Duncan Howorth (pictured), chief executive officer at JLT Employee Benefits, said: “This transaction makes perfect sense commercially. It allows JLT EB to add scale to our existing pension-related business, which is central to our mid-term strategy. As a result, the deal will boost our client base and increase the assets on our investment management platform.
“From a client perspective, all three components of CBAM’s corporate businesses complement JLT EB’s existing offering. This means they will have access to our broader range of products and services following this transaction.”
Martin Andrew, chief executive officer of Close Brothers Asset Management, added: “The sale of our employee benefits consultancy and actuarial business allows us to sharpen our focus on our private client financial advice and investment management business, given the significant industry changes and growth opportunities in this space at present.
“This sale does not impact our financial education business in any way, and it will continue to deliver the highest quality services to employers.”