In addition to Robert L. Penter and Ted J. Schwartzman, five other senior consultants left Hewitt Associates Inc.'s Hewitt Investment Group.
They are: Peter Grant from the Norwalk, Conn., office; Weston Tomkins from the Atlanta office; and Nate Krogman, Matt Clink and Scott Abel, from Hewitt's headquarters in Lincolnshire, Ill.
Messrs. Krogman, Clink and Abel recently joined Clark Consulting in Chicago; Mr. Grant will join Shields Associates in Stamford, Conn.; and Mr. Tomkins will join Watson Wyatt Worldwide.
Messrs. Penter and Schwartzman have yet to surface.
The head of one bulge-bracket consulting firm, who declined to be identified, said the loss of so many senior consultants in such a short time — affecting so many client relationships — should prove a very tricky hurdle to clear for Hewitt. Even if the firm can quickly attract replacements, the appearance of turmoil will prove a sticking point in picking up new clients, he said.
On the defined contribution side, Stacy Schaus, principal and head of Hewitt Financial Services LLC, the brokerage division of Hewitt, joined Pacific Investment Management Co. on July 3. She is senior vice president and leader of the Newport Beach, Calif., firm's defined contribution strategy team.
Lori Lucas, Hewitt's director of retirement research, left July 31 to join San Francisco-based Callan Associates Inc. She was named senior vice president and defined contribution practice leader based in Callan's Chicago office.
During her 17-year career at Hewitt, Ms. Schaus was an integral part of the company, launching its defined contribution alliance, its financial services consulting and brokerage business, the Hewitt 401(k) Index and the company's personal finance center. She said in an interview Aug. 2 that she left for personal reasons.