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Willis buys out Russell’s Australian actuarial business

Willis takes over Russell actuarial business.

Willis takes over Russell actuarial business. Photo: Getty

Global asset advisor and actuary Willis Towers Watson has signed an agreement to buy  Russell Investments’ Australian actuarial practice for an undisclosed sum.

“Providing a broad range of superannuation and actuarial services is the core purpose of our retirement team in Australia,” said Andrew Boal, Regional Head of Australasia for Willis Towers Watson.

“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’ stand-alone actuarial business has provided services to major Australian and New Zealand based clients for more than 30 years. The deal will see 22 staff and over 50 clients spanning the Corporate, Government, Master Trust, and Industry Fund sectors come under Willis’ control.

“The move reinforces Russell Investments’ unrelenting focus on our asset management business, including master trust solution and implemented consulting,” said Pete Gunning, CEO for Russell Investments’ business in the Asia Pacific region. “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.”

Brad Jeffrey, Head of Willis Towers Watson’s Retirement business in Australasia emphasised  a strong cultural alignment between the teams built on putting clients first and delivering high quality work and advice. “We are excited that the Russell Investments actuarial team is joining us, and are confident that the combination of the two teams will be seamless and beneficial for our collective clients and staff.”

The acquisition is expected to close in March 2017. About Willis Towers Watson

Willis Towers Watson has roots dating to 1828. It has  40,000 employees serving more than 140 countries.

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