Xafinity snaps up PwC pension admin services
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Xafinity has bought PricewaterhouseCoopers’ UK trustee pension scheme actuary, trustee investment consulting and scheme administration client business.
Xafinity Consulting will provide clients with a range of pensions consulting, actuarial and administration services.
The acquisition, set to complete on August 13, will see the creation of new offices in Belfast and Manchester and expanded Xafinity operations in its existing offices in Stirling, Leeds, London and Reading.
The move comes after Xafinity acquired Hazell Carr in 2008.
PwC says it will now concentrate on providing pensions advisory services to corporates and trustees in the areas of its business that have seen significant growth in recent years.
Xafinity Consulting managing director Robert Birmingham says: “This is an exciting acquisition for Xafinity Consulting. It increases our client base, adds significantly to the number of pension professionals in our firm and expands our footprint within the UK.”
PricewaterhouseCoopers partner and global head of human resource services Michael Rendell says: “We are withdrawing from the market of providing trustees with scheme actuary and scheme administration services to focus solely on the areas of our business where we feel we can add the most value to corporate sponsors and trustees in the UK.
“We consider it is in the best interest of both the firm and our clients for the scheme actuary role to be managed by a third party. We firmly believe that the trustee clients and the PwC people transferring will benefit from the ongoing investment that Xafinity is making in building its trustee business.”
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