After roughly a month of deliberation, Hewitt Associates said Thursday that its acquisition of investment consultant powerhouse Ennis Knupp + Associates has been approved.
The new entity, which will assume the name of Hewitt EnnisKnupp, has nearly $3 trillion in assets under advisement globally, according to a Sept. 2 press release.
At the time of the initial July 20 announcement, Hewitt said that its agreement with the Chicago-based consultant would close during the fourth quarter. Terms of the deal were not disclosed.
In his comments today, Steve Cummings, the leader of Hewitt EnnisKnupp, said the new amalgamate has “hit the grounding running with [its] integration plans.”
“Our investment professionals are working to pool their expertise and knowledge to meet the needs of a broader range of clients, while maintaining the highest levels of independence and integrity,” Cummings explained in the statement. “Clients from both organizations are equally enthusiastic, and they are eager to take advantage of the global reach and expanded suite of services that our newly combined organization will offer.”
Previously, on July 12, Hewitt announced that it would merge with Aon Corporations’ consulting and outsourcing business Aon Consulting. Additionally, Russ Fradin, chairman and CEO of Hewitt Associates, is said to also serve as chairman and CEO of Aon Hewitt and will report directly to Greg Chase, CEO of Aon, the new firm said previously.
Additionally, Fradin said at the onset of the Lincolnshire, Ill.-based firm’s proposed acquisition that its “commitment to be a top-tier global investment consulting player and the potential to combine forces with EnnisKnupp were also real positives for Aon in our proposed transaction.”