Aon Consulting and Jacques Martin New Zealand have formed a strategic alliance involving their consulting and administration services businesses.
Under the deal Aon will acquire JM's actuarial and employee benefits consulting group, and JM will get any administration services work which Aon picks up.
JM chief executive Peter Baynes says the agreement will benefit both companies' clients, as well as strengthening the market position of each business.
Aon managing director Mike Swanton says his company will be unique in New Zealand in terms of its range of consulting services, with the depth and resources to tackle any consulting work locally.
Jacques Martin is the largest supplier of administration services for financial products, and has been making a name for itself in providing back room services for personal investment master funds such as the one offered by Spicers. It is in the process of taking New Zealand Financial Planning on board as a client also.
Aon Consulting is a major actuarial and employee benefits consultancy.
Baynes says the deal will give both companies a stronger presence in the market. It "will provide some tremendous opportunities for us to build on our growth and consolidate our position."
While JM initially only picks up a small amount of administration work which Aon does in its Auckland office it will become the preferred supplier for any future administration work Aon picks up.
Baynes says JM has been experiencing 30 per cent growth in its personal investment master fund business and it now provides the administration for about $600 million worth of investments.
He expects that to be close to $1 billion by the end of the year.
JM is part of the Colonial group, while Aon is a member of the Aon Group that has 400 offices worldwide and is listed on the New York, London and Chicago stock exchanges.
Aon Consulting and Jacques Martin New Zealand have formed a strategic alliance involving their consulting and administration services businesses.