Hewitt and Ennis Knupp Announce Merger Plans
Hewitt Associates, the global human resource consulting company with a newfound hunger for boosting its investment consulting capabilities, has set its sights on Ennis Knupp + Associates, the firm said today.
In the July 20 announcement, the Lincolnshire, Ill.-based firm affirmed that it has entered into a definitive agreement to acquire Ennis Knupp and the investment advisory services it provides to institutional investors.
Should the process go according to plan, Hewitt said in the press release that it would become one of the largest investment consulting services in the U.S., with nearly $3 trillion in assets under management.
Russ Fradin, chairman and CEO of Hewitt Associates, said in the statement that Ennis Knupp is a “perfect complement to Hewitt’s well-respected actuarial business and extensive expertise in managing pension risk.”
“Two great names in investment consulting are joining forces to offer an expanded set of services to our valued clients,” Fradin said today. “…Our 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.”
On July 12, Hewitt announced that it would merge with Aon Corporations’ consulting and outsourcing business Aon Consulting. Additionally, Fradin is said to also serve as chairman and CEO of Aon Hewitt and will report directly to Greg Chase, CEO of Aon, the new amalgamate said previously.
While the terms of the today’s agreement with the Chicago-based investment consultant, which has nearly $2 trillion in assets under advisement, were not disclosed, Hewitt expects the deal to close during the fourth quarter, the statement said.
In his comments, Steve Cummings, president and CEO of Ennis Knupp, said that the new collusion effort would translate into a broader reach “while staying true to [its] shared promise of exceptional client service with the highest level of integrity and professionalism.”
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