Independent pensions, investment and insurance consultancy Lane Clark & Peacock (LCP) has agreed to acquire Aon’s business in Germany for an undisclosed sum.
Aon’s German retirement and investment business; which includes pensions consulting, pension insurance broking, pensions administration and investment consulting; employs 350 people and has offices in five locations.
The acquisition gives London-headquartered LCP a “leading position in this important market for pensions consulting and related services”, it said.
The business in Germany will be rebranded as LCP upon completion.
The deal with Aon is dependent on the completion of the pending Aon and Willis Towers Watson transaction, as well as other customary closing conditions.
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Aaron Punwani, LCP’s chief executive, said: “A key part of LCP’s strategy is diversifying the business into different markets with long-term growth potential. The German pensions consulting market is the third largest in the world, after the US and the UK, which makes it a natural place for LCP to achieve a leading position, mirroring what we have achieved in the UK.
“The business we are acquiring is well-respected and has a strong blue-chip client base, complementing that of LCP in the UK and Ireland. The German pensions consulting market is extremely well-placed for innovation and growth as businesses review their pensions strategy with a greater focus on funded and insured solutions, and it is ripe for a technological transformation of the type that LCP has delivered for its clients in the UK and Ireland in recent years.
“We see a meeting of minds with the knowledgeable and dynamic people who lead the business in Germany. We are truly excited about welcoming Fred Marchlewski and his fantastic team as part of LCP and achieving great things together for the benefit of our people and our clients.”