Pensions and benefits consultancy Broadstone completes duo of deals

09 November 2017 Consultancy.uk

The pensions and benefits consultancy Broadstone Group has completed the acquisition of both pension and actuarial firm Mitchell Consulting and 2020 Trustees. The deals, which conclude for undisclosed fees, will see Broadstone’s headcount boosted to around 170 staff, while its UK presence will go up to five locations.

The pensions environment is continuously shifting across Europe, with ageing populations and altering financial landscapes seeing industry players seeking to de-risk in the segment. Meanwhile, not a single one of the world’s 20 largest pension funds resides in Britain, suggesting that firms will likely need to revise their strategies in the future to avoid major short-comings, as the country’s own ageing population begins to come to a head. Consulting firms focused on the industry will therefore be keen to bolster their ranks in order to meet increasing client demand, as companies look to meet these challenges.

As part of their own expansion plans, UK employee benefits and pensions consultancy Broadstone Group has purchased Manchester-based Mitchell Consulting, an actuarial firm, and its sister company 2020 Trustees, an independent trustee group. The acquisitions increase Broadstone’s employee headcount to 170 staff and expand its regional UK network across five locations (Falkirk, London, Manchester, Nottingham and Sheffield). The firm hopes to cement a reputation for the delivery of market leading defined benefit, defined contribution, risk and healthcare consulting solutions to clients, with the backing of investment from private equity firm Livingbridge, who recently also funded the growth campaign of financial services consultancy Catalyst Development.

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As part of the deal, 2020 Trustees will “remain independently managed” following the acquisition, according to a release from Broadstone. The firm is one of five providers on the Pension Protection Fund’s panel of independent trustees, which help steer schemes through the lifeboat fund’s assessment process. Nigel Jones, CEO of Mitchell Consulting, will meanwhile lead the new combined actuarial consulting arm.

Commenting on the acquisitions, Grant Stobart, CEO of Broadstone, said, “Our strategy is to grow both organically - with a particular focus on small and medium sized organisations that are often poorly serviced by the larger consultancies - and by acquisition. Looking ahead, backed by Livingbridge, we will continue to pursue further acquisitions with firms that share our cultural values and complement our expertise and service.”

Nigel Jones said of his firm’s new ownership, “The acquisition is good news for clients, who will benefit from an expanded network, access to a larger pool of consultants providing expert guidance and solutions, and access to new tools, platforms and support services that will help meet their needs.”

Antony Miller, CEO of 2020 Trustees, added, “We have been considering ways to build on 2020 Trustees' rapid growth for some time. The market has a growing need for a more progressive approach and our style of balanced, pragmatic, commercial Trusteeship offers that. The Broadstone Group will help us reach a wider market and provide the support that we need to expand.”

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