Updated with correction.
Isio Group's acquisition of Deloitte Total Reward and Benefits will see 200 staff join the firm. Incorrect information about the number of staff appeared in a version of this story that ran in the Jan. 11 P&I Daily.
Consultant Isio Group agreed to acquire Deloitte Total Reward and Benefits, the U.K. pensions advisory business of Deloitte, a spokesman confirmed Wednesday.
Terms of the deal were not disclosed. The transaction, which is subject to regulatory approvals from the Financial Conduct Authority, will complete in the spring.
The deal will boost Isio's business with additional actuarial, pensions administration and investment services capabilities and a number of U.K. pension plan clients. Isio has over £300 billion ($362.7 billion) of defined benefit and £20 billion of defined contribution assets under advisement.
The deal will see 200 employees joining from Deloitte across nine U.K. cities. Isio will also gain an office in Belfast.
Andrew Coles, CEO of Isio Group, said in a news release Wednesday that part of Isio's expansion plan is to develop one of the biggest pensions, benefits and wealth advisory offering in the U.K. market.
Mark McClintock, head of Deloitte's U.K. pensions business, said in the same release: "Bringing together the pedigree and heritage of Deloitte's U.K. pensions business and Isio is a hugely exciting proposition for our people and the marketplace."
The acquisition follows Isio's acquisition of Premier Pensions Management in January 2022, which added employee benefits advice and wealth management services to Isio's roster.