JLT Employee Benefits has agreed a deal to buy Close Brothers Asset Management’s corporate business for an undisclosed sum.
JLT will pick up 350 clients and all 40 staff from the corporate unit, with its leadership expected to take on senior roles within JLT Employee Benefits.
A spokesman declined to comment on assets that would be added to JLT’s existing business.
JLT Employee Benefits chief executive Duncan Howorth says: “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.
Close Brothers Asset Management chief executive Martin Andrew adds: “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.”