29/6/2009
By Sophie Baker
Towers Perrin and Watson Wyatt are to merge to form Towers Watson & Co., creating a company 'stronger than the sum of its parts'.
Towers, Perrin, Forster & Crosby, Inc. and Watson Wyatt Worldwide, Inc., announced the merger on 28 June 2009, and the combined company will operate under Watson Wyatt chief executive officer, John Haley, as chief executive officer, and Towers Perrin chief executive officer, Mark Mactas, as president.
"The combination of Towers Perrin and Watson Wyatt into Towers Watson will create one of the world's leading professional services firms, well positioned for sustained growth and profitability across all geographies and business segments," commented Haley. "The combination will further strengthen our core financial, risk and people management areas. Towers Watson will have tremendous global reach and service breadth to meet the growing needs of the world's largest multinational corporations. As we provide more value for our clients, we in turn create value for our people and our shareholders.
Annual revenues of Towers Watson are expected to top $3bn, with an anticipated $80million expected in pre-tax annual synergies.
Mactas added: "This is an important transaction for our respective organisations that positions us well for a future of accelerated growth and higher levels of profitability. The fit between our firms is excellent, starting with a deep commitment to client service and shared values of integrity, professionalism and respect. Our service lines and geographic strengths are also highly complementary, which creates great opportunities for growth. We couldn't be more excited about this combination, which will change the landscape of our industry."
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Northern Trust has appointed Annika Larsson and Erik Norland as senior relationship managers in its Stockholm office, in line with the company’s strategy of serving clients as close to their home market as possible.
