JLT Employee Benefits (JLT EB), a UK-based pension and benefit consultancy, has agreed to purchase the corporate business of Close Brothers Asset Management (CBAM) for an undisclosed sum.

The deal will see around 350 clients and around 40 employees moving from CBAM’s corporate businesses to JLT EB.

The acquisition is expected to strengthen JLT EB’s client portfolio as well as expands its market share in pension administration, investment consulting and actuarial advice.

As part of the transaction, CBAM will transfer three of its corporate businesses to JLT which include employee benefit solutions, CPRM (actuarial consulting and DB administration), and TEAMS, which delivers investment advice and specialist consulting to DB and Dc schemes.

Additionally, CBAM leadership team including Jonathan Black, Walker Yule, Fiona Cameron and Paul Chapple, will assume senior roles within JLT EB, while continuing to manage their current client portfolios.

JLT EB CEO Duncan Howorth 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.

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"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."

CBAM CEO Martin Andrew 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.

"This sale does not impact our Financial Education business in any way, and it will continue to deliver the highest quality services to employers," he added.

CBAM delivers a range of financial advice, investment management and online investing services to private clients as well as professional advisers.