Towers Watson has increased its shareholding in South African actuarial and employee benefits consultancy, Fifth Quadrant, to 51%...
The move was confirmed following a definitive agreement reached in March of this year. The companies first agreed to a strategic alliance in June 2008.
Ant Lester, founding managing director of Fifth Quadrant said: "Over the years our relationship with Towers Watson has significantly enhanced the service we can provide to clients, including global companies with operations in southern Africa, as well as enabling us to advise southern African firms on global best practice. This is a further definitive step in that relationship and we look forward to joining the Towers Watson family and their greater involvement in the development of our business in the future."
Paul Morris, regional manager, EMEA for Towers Watson added: "We are delighted to have reached this stage in our relationship with Fifth Quadrant as it cements an already excellent strategic fit with the two companies sharing similar values of innovation, commitment to clients and collaborative working."
Fifth Quadrant is an independent South African firm of actuaries and employee benefits consultants established in 1998, with about 80 associates based in Johannesburg and Cape Town. The firm advises institutional clients including retirement funds, medical schemes, charitable trusts and corporate and public sector clients.