Advisory firm Willis Towers Watson has signed a definitive agreement to acquire Russell Investments’ Australian actuarial practice.
Russell Investments’ actuarial arm is a standalone business that has served clients in Australia and New Zealand for more than three decades, and Willis Towers Watson regional head of Australasia Andrew Boal said the acquisition would improve the advisory firm’s offering.
“Providing a broad range of superannuation and actuarial services is the core purpose of our retirement team in Australia,” he said.
“The combination of our teams will strengthen our value proposition for all our clients, by providing a wider and deeper range of expertise and service that covers both traditional and new retirement and analytic solutions.”
Russell Investments chief executive Pete Gunning said the sale was in line with the business’ “unrelenting focus on [its] asset management business”.
“The agreement also ensures this specialist practice will continue to grow under its new ownership and associates in the practice will continue to be provided with strong career opportunities,” he said.
The acquisition is expected to close in March 2017, Willis Towers Watson said.