The Segal Company has moved to acquire Aon Consulting’s multiemployer defined benefit consulting business; a measure that will add nearly 60 defined benefit plans under its advisement.
With Tuesday’s announcement, the New York-based benefit, compensation and human resources consultant explained that it would gain Chicago-based Aon’s division and incorporate it into its nearly 71-year old business.
Also, John Gingell, senior VP and Midwest regional manager, highlights that the acquisition includes “several plans in the Detroit and St. Louis areas.” Due to this concentration, the firm explained that it has opened a Southfield, Mich.-based office, and hired two former Aon employees’--Samuel Stanley and Paul Duling. Stanley is a senior VP and senior consultant, and Duling is an associate actuary for the Midwest multiemployer retirement practice, the Oct. 12 press release said.
“This transaction demonstrates our ongoing dedication to multiemployer plans, their labor and management sponsors and to the millions of people covered in these plans,” David Blumenstein, senior VP and national director of multiemployer consulting, added in the statement.
Similarly, at the start of the month, Aon and Hewitt Associates announced that they had completed a merger to form a new consulting and outsourcing business; Aon Hewitt. First notice of the possible transaction became known in July when Hewitt said that it would merge with Aon Consulting.
Presently, Segal has numerous divisions including Sibson Consulting, a strategic human resources solution to corporate and non-profit employers; and Segal Advisors, an investment consultant firm to retirement plan sponsors that has more than 230 clients with $65 billion in total assets under management. It also has a Canadian arm, which has offices in Toronto, Calgary and Montreal, its Web site said.
As of press time, it was unclear if additional staff turnover at Aon has resulted from the present agreement, as calls placed to David Prosperi, Aon’s VP of global public relations, went unanswered.