GLOBAL - Watson Wyatt's investment consulting business grew its revenue by 48% over the last year, to reach $128.7m at the end of the firm's fiscal year 2007.

The consultancy's investment consulting division reported the strongest growth with other businesses like Insurance & Financial Services or Technology & Administration Solutions increasing revenues by 23.5% and 18.6% respectively.

Watson Wyatt noted the increase in the consultancy business was mainly because of strong demand for advice on investment strategy and investment manager selection.

The number of employees working in Watson Wyatt's Investment Consulting group increased to 390 from 335 last year.

Total revenues for the group were $1.49bn, which is 17% more than for 2006.