JLT Employee Benefits (“JLT EB”) has agreed to acquire the Corporate Business of Close Brothers Asset Management Limited (“CBAM”) for an undisclosed value. The transaction will see around 350 clients and around 40 employees move across to JLT EB further expanding its share in a market where it already has a strong presence.
JLT EB is one of the UK’s leading pension and benefit consultancies with more than 2,200 professionals throughout the UK. Close Brothers Asset Management provides a range of financial advice, investment management and online investing services to private clients as well as professional advisers.
The deal will see CBAM transfer all of its three Corporate businesses to JLT EB, namely:
- Employee Benefit Solutions (EBS), which provides pension advice and DC administration services;
- CPRM, which offers actuarial consulting and DB administration; and
- TEAMS, which delivers investment advice and specialist consulting to DB and DC schemes.
Key leadership at the CBAM businesses, including Jonathan Black, Walker Yule, Fiona Cameron and Paul Chapple, are expected to take senior roles within JLT EB, under the leadership of JLT’s Executive Management team, while continuing to manage their current client portfolios.
Duncan Howorth, CEO, JLT Employee Benefits, comments: “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.
“We are also delighted to welcome the CBAM staff to JLT EB. I look forward to the valuable contribution that they will make to our business, adding to our existing pool of talent and expertise.”
Martin Andrew, Chief Executive Officer of Close Brothers Asset Management, comments: “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.
“JLT is one of the world’s leading providers of employee benefits, and will be able offer these clients wider services for the future, making them the ideal fit for this business.
“This sale does not impact our Financial Education business in any way, and it will continue to deliver the highest quality services to employers.”
JLT EB has a successful track record of profitably integrating acquisitions of this kind, having most recently bought Ensign Pension Admin Limited in 2014. Previous notable acquisitions include, Alexander Forbes Consultants and Actuaries in 2012 and HSBC Actuaries and Consultants in 2009.
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About JLT Employee Benefits
JLT Employee Benefits is one of the UK's leading employee benefit providers offering a wide range of benefit and pension services, including administration, actuarial and pension consultancy, investment, Self Invested Personal Pensions (SIPPs) and Small Self Administered Schemes (SSASs) administration, flexible benefits, healthcare, benefit communication and financial education.
JLT Employee Benefits employs over 2,200 professionals throughout the UK and in 2013 had revenues of £172m in UK & Ireland.
Pensions and employee benefits companies within the JLT Employee Benefits group of companies include: JLT Benefit Solutions Ltd, Profund Solutions Limited, JLT Wealth Management Limited, JLT Investment Management Limited and Independent Trustee Services Limited. JLT Employee Benefits is part of Jardine Lloyd Thompson Group plc.
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world's largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT's client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 39 territories with some 9,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
About Close Brothers Asset Management
Close Brothers Asset Management provides a full range of advice, investment management and self-directed services to private clients and professional advisers. The business operates out of offices in London, Bristol, Manchester, Cuckfield, Newcastle, Northwich, Edinburgh and Glasgow.
Close Brothers Asset Management is a trading name of Close Asset Management Limited and is part of the Close Brothers Group plc. Close Asset Management Limited is registered in England and Wales and authorised and regulated by the Financial Conduct Authority. Registered number: 01644127. Registered office: 10 Crown Place, London EC2A 4FT. VAT registration number: 245 5013.
Close Brothers is a leading UK merchant banking group providing lending, deposit taking, wealth management services, and securities trading. We employ 2,800 people, principally in the UK.
Close Brothers Group plc is listed on the London Stock Exchange and is a member of the FTSE 250.