Aon Consulting sells off SSAS client portfolio
UK - Pensions consultant Barnett Waddingham has acquired Aon's consulting and trustee services for Small Self Administered Schemes (SSAS).
The UK-based actuarial and consultancy firm will take on Aon's team dealing with this client portfolio consisting of Bhargaw Buddhdev and Peter Brook. They will be based in Barnett Waddingham's Amersham office.
"There is great interest in self-invested pension plans, we are delighted to be expanding our client base in this area while adding key senior staff to our existing team," senior partner Adrian Waddingham commented.
A spokesman for Aon told IPE that the sell-off was not part of a major restructuring of Aon Consulting. He explained: "a change in pensions legislation made it more appropriate for the SSAS business to be operated from a specialist, independent, SSAS consultant".
He added that the SSAS business was a very small part of Aon Consulting's investment consultant and actuarial business and that the company will focus on growing the core business in 2007.
Earlier this year, Close Investments acquired Aon Asset Management, Aon Consulting's UK-based multi-manager arm, for an undisclosed sum.