The transaction will mean the team doubles in size and increases its national coverage to include Edinburgh, Yorkshire and the south west, in addition to its existing coverage in London, Surrey and the rest of the south east.
The deal, signed on 16 November, is set to complete by the end of the year and means 56 Punter Southall staff, led by current managing director David Taylor, will join Secondsight.
According to Foster Denovo, both businesses share scale, core values, and are aligned on proposition and service and both share actuarial and advisory expertise. They will deliver services across financial wellbeing, corporate pensions advice, employee retirement advice and guidance, employee communications, digital-powered employee benefit solutions, pension scheme governance and health and protection.
Roger Brosch, CEO of Foster Denovo, said: “This deal brings together two corporate advisers with hugely impressive track records in walking the talk when it comes to being client focused. Both are firms able to serve employers while also engaging in a meaningful way with employees. Combined, they are a corporate adviser powerhouse. One capable of kickstarting the regeneration of the sector and providing a much-needed shot in the arm for workplace guidance and advice.
“Cultural fit is so important in all our acquisitions and David leads a team that closely mirrors our values and priorities. I am confident and excited how well they will fit into Secondsight, and the wider Foster Denovo Group.”
Steven Butler, CEO of Punter Southall Aspire, said: “Our employee benefits consultancy advises 700 corporate clients and has reached the point where the clients and employees will benefit from a larger organisation which reflects our commercial momentum and shares our cultural values.
“So this deal not only nearly doubles the size of the combined employee benefits business but also means existing and new clients can access an even greater depth of expertise and experience to give their workforce the right support to remain committed, productive and energised.”