JLT Benefit Solutions' (JLT) business is expanding rapidly as it announced to take over running Aegon's portfolio of defined benefit (DB) schemes, and some related client portfolios.

The portfolios which form part of the agreement have an asset value of £710m and contain 25,000 members. The deal will see around 100 staff transfer to JLT in early 2013.

Duncan Howorth, chief executive of JLT Benefit Solutions said: "This deal represents an important partnership for both companies. The ongoing provision of services to DB schemes is central to our strategy as the market continues to consolidate.

"DB schemes need the support of firms that continue to invest in this activity while the arrangement allows Aegon to continue to develop its business model for the future."

Adrian Grace, chief executive of Aegon said: "Our partnership with JLT delivers a strong solution for our clients and their advisers. The agreement provides for continuity of employment for our staff and the maintenance of services for our clients."

JLT, which recently announced the acquisition of Alexander Forbes Actuaries and Consultants, will acquire new offices in Edinburgh during 2013. As a result of the two deals JLT will become one of the largest firms of employee benefits consultants in Scotland employing more than 200 staff.

First published 02.11.2012

azeevalkink@wilmington.co.uk