View this article online: https://www.claimsjournal.com/news/international/2007/12/03/85373.htm
Global consulting firm Watson Wyatt announced that it will form a strategic alliance with Fifth Quadrant, the independent South African actuarial and employee benefits consultancy
“Both firms have signed a letter of intent whereby Watson Wyatt would acquire an initial 20 percent stake in the operations of Fifth Quadrant,” said the bulletin. “The companies aim to sign a definitive agreement by the end of December, subject to obtaining the necessary regulatory consents.”
Fifth Quadrant has offices in Johannesburg and Cape Town and employs 72 staff, including 15 actuaries. The firm has revenues of R78 million ($11.8 million) and is the leading asset consulting firm in South Africa (advising 36 of the largest 100 funds by asset size).
“We are pleased to enter the South Africa market,” indicated John Haley, president and CEO of Watson Wyatt. “Fifth Quadrant is an excellent strategic fit and shares Watson Wyatt’s focus on high-quality client service.”
Fifth Quadrant’s core business is the provision of independent advice to institutional clients in the areas of actuarial services, retirement fund consulting, investment consulting and health benefit consulting. It is wholly owned by its executive and non-executive directors, with the executive management team owning over 98 percent of the business.
“We see tremendous growth opportunities in the coming years, not just in South Africa but across the whole continent,” explained Babloo Ramamurthy, regional manager for Watson Wyatt. “This is an exciting opportunity as it further enhances our ability to offer seamless consulting services around the world to our multinational clients.”
Source: Watson Wyatt – http://www.watsonwyatt.com