Deloitte buys actuarial consulting wing of Kerr Henderson
Kerr Henderson has agreed a deal to sell its pension scheme administration and actuarial consultancy arm to Deloitte for an undisclosed fee. The business and assets will help grow Deloitte’s own pensions business, as well as expanding its portfolio of client pension schemes.
Established in 1962, with offices in Belfast and the City of London, the Kerr Henderson Group is a family-owned business that takes pride in offering a comprehensive range of services for private individuals and employers throughout the UK. The firm’s holistic range of services have helped guide clients in their pension, insurance and investment needs for almost five decades.
Deloitte’s comprehensive pensions consultancy services to employers with both defined benefit and defined contribution schemes, from helping corporates developing an integrated pensions strategy, to scheme implementation and ongoing management and governance. Led by Partners Marc McClintock and Tom Partridge, the wing has undergone a major development with the acquisition of Kerr Henderson’s actuarial arm.
Commenting on the news, McClintock said, “The Deloitte team have advised trustee clients for many years and we have been committed to growing this area further… We will build on the high-quality service provided by Kerr Henderson (Consultants and Actuaries) and look forward to welcoming the team into our firm, and continuing to grow our business together.”
The move sees Deloitte welcome 30 new colleagues from Kerr Henderson Consultants and Actuaries, which boosts Deloitte’s pension scheme administration centre of excellence in Belfast in particular, as part of the firm’s commitment to expanding our business in Northern Ireland. Kerr Henderson Group will meanwhile continue to operate independently in providing the other financial services within its remit, including private client, workplace pensions, employee benefits and general insurance services.
Kerr Henderson Group CEO John Kerr, remarked, “In choosing Deloitte to acquire our defined benefit business we identified similarities in culture, particularly around how we look after our clients and our people. We are delighted that our people will continue to deliver a high-quality service for our clients within Deloitte.”
Amid the economic impact of the pandemic, and with many changes affecting the pensions industry, the additional expertise will go some way to helping Deloitte deliver on heightened client demand. The transaction comes three years after the pensions wing of the Big Four firm also acquired a portfolio of nearly 100 pension schemes from Legal & General’s final salary consulting business.
