U.K. consultant Isio Group agreed to acquire U.K. adviser Premier Pensions Management, an Isio spokeswoman confirmed Friday.
Terms of the deal, which is Isio's first acquisition since it was launched in 2020, were not disclosed.
The transaction is subject to approval by the Financial Conduct Authority. The spokeswoman said the firm expects to receive approval in the next three to four months before the deal can close.
Isio is the former pensions practice arm of KPMG and focuses on actuarial, third-party administration, investment consulting and defined contribution advisory. The acquisition of Premier will enhance its existing services of investment advisory, pensions administration and actuarial consulting while also expanding its services to include employee benefits and wealth management, said Andrew Coles, CEO of Isio, said in a news release.
Upon closure of the deal, Isio Group absorb Premier employees and have 800 staffers across nine U.K. cities.
"Acquiring Premier gives us the versatility to do this, by offering new and existing clients the full spectrum of employee benefits advice, actuarial consulting services, as well as wealth management, financial advisory and pension administration services," Mr. Coles said in the release.
Alastair Aird, CEO of Premier, added in the release: "Isio's ambition, its focus on people and culture, combined with its expertise and commitment to clients is very much aligned to our own business. ... Together we see great opportunities to build a much stronger organization."
Assets under advisement were not available.