JLT EB to acquire corporate business of CBAM

Pension and benefit consultancy JLT Employee Benefits (JLT EB) has agreed to acquire the corporate business of financial advisory firm Close Brothers Asset Management (CBAM) for an undisclosed value.

The deal will see around 350 clients and around 40 employees move across to JLT EB, further expanding its share in a market where it already has a strong presence. It will also result in CBAM transferring all of its three corporate businesses to JLT.

Duncan Howorth, chief executive officer (CEO), JLT Employee Benefits, said: “This transaction makes perfect sense commercially. It allows JLT EB to add scale to our existing pension related business, which is central to our mid-term strategy. As a result, the deal will boost our client base and increase the assets on our investment management platform.

“From a client perspective, all three components of CBAM’s corporate businesses complement JLT EB’s existing offering. This means they will have access to our broader range of products and services following this transaction.

Martin Andrew, CEO of CBAM, said: “The sale of our employee benefits consultancy and actuarial business allows us to sharpen our focus on our private client financial advice and investment management business, given the significant industry changes and growth opportunities in this space at present.

“JLT is one of the world’s leading providers of employee benefits, and will be able offer these clients wider services for the future, making them the ideal fit for this business.

Andrew claimed that the sale does not affect CBAM’s financial education business in any way.”