Russell Investments will sell its actuarial consulting business to a leading global advisory firm.
Willis Towers Watson has entered into a definitive agreement to buy the business from Russell for an undisclosed amount, in a move that WTW described as "further [cementing] its position as a market-leader in Australia."
Russell has operated its actuarial business for more than 30 years; it employs 22 staff who service more than 50 clients in the corporate, government, master trust and industry fund sectors.
WTW regional head of Australasia Andrew Boal said: "Providing a broad range of superannuation and actuarial services is the core purpose of our retirement team in Australia. The combination of our teams will strengthen our value proposition for all our clients, by providing a wider and deeper range of expertise and service that covers both traditional and new retirement and analytic solutions."
Russell Asia-Pacific chief executive Pete Gunning added: "The move reinforces Russell Investments' unrelenting focus on our asset management business, including master trust solution and implemented consulting. "
"The agreement also ensures this specialist practice will continue to grow under its new ownership and associates in the practice will continue to be provided with strong career opportunities," Gunning said.