Isio Group Limited is to acquire Deloitte Total Reward and Benefits Limited (DTRB), the UK pensions advisory business of Deloitte LLP.
DTRB provides actuarial, pensions administration and investment services to some of the biggest organisations and pension plans across the UK.
The acquisition means the addition of DTRB’s 200-strong workforce to Isio’s existing team. The expanded Isio Group will have 1,000 staff spread across its nine current locations throughout the UK and a new location in Belfast, with annual revenues of about £140m.
Isio began operations in March 2020 with Exponent’s support, and since then, the company has had substantial organic growth as a result of the addition of new clients and the development of new services. The purchase of Premier Pensions Management in January 2022 boosted Isio’s core pensions business while allowing it to provide new offerings like wealth management and employee benefits counselling.
Isio Group Limited chief executive Andrew Coles says: “Since our independence in 2020, we have been ambitious in our growth plans and are proud of how quickly we have established ourselves in the market, developing our people and our services at pace.
“This acquisition builds on the momentum we have as we build scale and challenge the status quo by developing the best pensions, benefits and wealth advisory offering in the market. Deloitte UK’s pensions business has achieved great success to date and bringing the two businesses together will create exciting opportunities for our people, our clients and their pension scheme members. I look forward to welcoming the DTRB team into an environment which provides so much opportunity for career development and progression.”
Deloitte head of UK pensions business Mark McClintock says: “Bringing together the pedigree and heritage of Deloitte’s UK pensions business and Isio is a hugely exciting proposition for our people and the marketplace. The combined business will have the skills, propositions and services to be the advisor of choice to many UK pension schemes and their sponsors. We are looking forward to joining Isio and all the opportunities it will provide for the team.”
Deloitte UK managing partner tax & legal Lisa Stott says: “DTRB is one of the most well-respected pensions advisory businesses in the UK and our priority has always been to enable the team to diversify their business and expand into new areas.
“We are pleased that the deal will support the continued success of the DTRB business in the long term, providing the maximum opportunity for its growth and the development of its people. We wish the team every success.”
The post Breaking: Isio to acquire Deloitte UK’s pensions business appeared first on Corporate Adviser.
