Financial planning and retirement savings organisation Punter Southall Aspire has acquired the employee benefits division of UK accountancy and business advisory firm BDO.
The acquisition aims to strengthen Punter Southall Aspire’s employee benefits business, enabling the organisation to offer a comprehensive range of reward products around pensions and auto-enrolment consultancy, pensions governance, health, wellbeing and protection, employee engagement, total reward and flexible and voluntary benefits. The business can also offer clients an authorised master trust, The Aspire Savings Trust.
BDO’s employee benefits team will move to Punter Southall Aspire’s London-based office, joining 140 current employees, and will report in to Alan Morahan, managing director, employee benefits consulting at Punter Southall Aspire. Stuart Stroud, the former head of employee benefits at BDO, will become a principal within the new business, driving development while continuing to focus on employee benefits consulting.
The deal will add 320 corporate clients to Punter Southall Aspire’s portfolio.
Steve Butler (pictured), chief executive officer at Punter Southall Aspire, said: “We are delighted to announce the acquisition of the employee benefits division of BDO. BDO is a highly respected advisory firm, known for its quality consultants and broad range of employee benefits services. There are also synergies between our [organisations]; we share the same values and they are a great fit for us.
“This deal is another important milestone in our growth and development. Over the last few years, we have focused on building a leading workplace pensions, financial planning and employee benefits business, purchasing several [organisations]; starting with Ashcourt Rowan Corporate Services in 2015, through to BDO.”
Stuart Stroud, former head of employee benefits at BDO, added: “We are looking forward to becoming part of Punter Southall Aspire. The [organisation] is dynamic, forward-thinking and fast-growing. We also share the same ambitions; to improve the quality and accessibility of employee benefits to help employers attract, retain and engage their employees.”