Woodrow Milliman (WM) is sensitive to the fact that it is often viewed more as a network of independent consultants than a company with offices in 31 countries worldwide. Its structure is likened to those of the big six accounting firms with offices retaining local staff and operating very much as separate entities. Its European presence in 15 countries has been developed over the past 15 years and WM says its multinational clients take advantage of the network by using the different components in relation to their subsidiaries worldwide, though the centres do not form any particular centres of expertise. All companies operate in across the board and provide the whole gamut of advice on the actuarial valuations to benefits design to investment consulting," says Peter Morgan. But WM sees its particular strengths in "high level consulting and financial modelling," as well as mergers and acquisitions, global accounting, global reviews of benefits structures of clients and asset liability studies. "There's a lot of work on efficient investment management for subsidiaries of multinationals." A specialist DC division in Bacon & Woodrow was set up approximately 18 months ago, and currently just focuses on the UK market, but WM recently held a symposium for "one of the world's top companies" attended by each of the European subsidiaries' finance directors. This came up with investment strategies for the local subsidiaries, and investigated central control from headquarters. Further symposia are under consideration."