Hewitt Associates Completes Acquisition of Leading U.S. Investment Advisory Firm, EnnisKnupp
02 Septembre 2010 - 1:30PM
Business Wire
Hewitt Associates, a global human resources consulting and
outsourcing company, today announced it has completed its
acquisition of EnnisKnupp, a leading provider of investment
advisory services to large institutional investors. As a combined
entity, Hewitt EnnisKnupp now becomes one of the largest providers
of investment consulting services in the U.S. and in the world,
with $3 trillion in assets under advisement globally.
Hewitt EnnisKnupp’s 200 investment professionals in the U.S.
currently serve nearly 300 clients from offices in five major U.S.
cities. By the end of 2010, the business will open an additional
office in Newport Beach, CA in response to growing client demand in
the region.
“We’ve hit the ground running with our integration plans,” said
Steve Cummings, leader of Hewitt EnnisKnupp. “Our investment
professionals are working to pool their expertise and knowledge to
meet the needs of a broader range of clients, while maintaining the
highest levels of independence and integrity. Clients from both
organizations are equally enthusiastic, and they are eager to take
advantage of the global reach and expanded suite of services that
our newly combined organization will offer.”
On July 12, Hewitt announced it had entered into a definitive
agreement to merge with Aon Corporation. Aon intends to integrate
Hewitt—including Hewitt EnnisKnupp—with its existing human capital
operations (Aon Consulting) and operate the segment globally under
a newly created Aon Hewitt brand. More information will be
available upon close of the Aon Hewitt transaction.
Hewitt announced its intent to acquire EnnisKnupp on July 20,
2010. Financial terms of the agreement were not disclosed.
About Hewitt Associates
Hewitt Associates (NYSE: HEW) provides leading organizations
around the world with expert human resources consulting and
outsourcing solutions to help them anticipate and solve their most
complex benefits, talent, and related financial challenges. Hewitt
works with companies to design, implement, communicate, and
administer a wide range of human resources, retirement, investment
management, health care, compensation, and talent management
strategies. With a history of exceptional client service since
1940, Hewitt has offices in more than 30 countries and employs
approximately 23,000 associates who are helping make the world a
better place to work. For more information, please visit
www.hewitt.com.
Safe Harbor Statement
This communication contains certain statements related to future
results, or states our intentions, beliefs and expectations or
predictions for the future which are forward-looking statements as
that term is defined in the Private Securities Litigation Reform
Act of 1995. These forward-looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from either historical or anticipated results
depending on a variety of factors. Potential factors that could
impact results include: the possibility that the expected
efficiencies and cost savings from the proposed transaction will
not be realized, or will not be realized within the expected time
period; the ability to obtain governmental approvals of the merger
on the proposed terms and schedule contemplated by the parties; the
failure of stockholders of Hewitt Associates, Inc. (“Hewitt”) to
approve the proposal to adopt the merger agreement; the failure of
the stockholders of Aon Corporation (“Aon”) to approve the proposal
to approve the issuance of shares of Aon common stock to Hewitt
stockholders in the merger; the loss of key Aon or Hewitt employees
following the merger; the risk that the Aon and Hewitt businesses
will not be integrated successfully; disruption from the proposed
transaction making it more difficult to maintain business and
operational relationships with customers, partners and others; the
possibility that the proposed transaction does not close,
including, but not limited to, due to the failure to satisfy the
closing conditions; general economic conditions in different
countries in which Aon and Hewitt do business around the world;
changes in global equity and fixed income markets that could affect
the return on invested assets; fluctuations in exchange and
interest rates that could impact revenue and expense; rating agency
actions that could affect Aon’s ability to borrow funds; changes in
the funding status of Aon’s various defined benefit pension plans
and the impact of any increased pension funding resulting from
those changes; Aon’s ability to implement restructuring initiatives
and other initiatives intended to yield cost savings, and the
ability to achieve those cost savings; the impact on risk and
insurance services commission revenues of changes in the
availability of, and the premium insurance carriers charge for,
insurance and reinsurance products, including the impact on premium
rates and market capacity attributable to catastrophic events; the
outcome of inquiries from regulators and investigations related to
compliance with the U.S. Foreign Corrupt Practices Act and non-U.S.
anti-corruption laws; the impact of investigations brought by U.S.
state attorneys general, U.S. state insurance regulators, U.S.
federal prosecutors, U.S. federal regulators, and regulatory
authorities in the U.K. and other countries; the impact of class
actions and individual lawsuits including client class actions,
securities class actions, derivative actions and ERISA class
actions; the cost of resolution of other contingent liabilities and
loss contingencies, including potential liabilities arising from
error and omissions claims against Aon or Hewitt; the extent to
which Aon and Hewitt retain existing clients and attract new
businesses; the extent to which Aon and Hewitt manage certain risks
created in connection with the various services, including
fiduciary and advisory services, among others, that Aon and Hewitt
currently provide, or will provide in the future, to clients; the
impact of, and potential challenges in complying with, legislation
and regulation in the jurisdictions in which Aon and Hewitt
operate, particularly given the global scope of Aon’s and Hewitt’s
businesses and the possibility of conflicting regulatory
requirements across jurisdictions in which Aon and Hewitt do
business; and the ability to realize the anticipated benefits to
Aon of the Benfield merger. Further information concerning Aon,
Hewitt, and their business, including factors that potentially
could materially affect Aon’s and Hewitt’s financial results, is
contained in Aon’s and Hewitt’s filings with the Securities and
Exchange Commission (the “SEC”). See Aon’s and Hewitt’s Annual
Reports on Form 10-K and Annual Reports to Stockholders for the
fiscal years ended December 31, 2009 and September 30, 2009,
respectively, and other public filings with the SEC for a further
discussion of these and other risks and uncertainties applicable to
our businesses. Neither Aon nor Hewitt undertakes, and each of them
expressly disclaims, any duty to update any forward-looking
statement whether as a result of new information, future events or
changes in their respective expectations, except as required by
law.
Additional Information
This communication does not constitute an offer to sell or the
solicitation of an offer to buy our securities or the solicitation
of any vote or approval. This communication is being made in
respect of the proposed transaction involving Aon and Hewitt. In
connection with the proposed merger, Aon filed with the SEC a
definitive joint proxy statement, which also constitutes a
prospectus of Aon. The joint proxy statement/prospectus was mailed
to Aon stockholders and Hewitt stockholders on or about August 19,
2010. Before making any voting or investment decision, investors
and stockholders are urged to read carefully in their entirety the
definitive joint proxy statement/prospectus regarding the proposed
transaction and any other relevant documents filed by either Aon or
Hewitt with the SEC when they become available because they contain
and will contain important information about the proposed
transaction. You may obtain copies of all documents filed with the
SEC regarding this transaction, free of charge, at the SEC’s
website (www.sec.gov), by accessing Aon’s website at www.aon.com
under the heading “Investor Relations” and then under the link “SEC
Filings” and from Aon by directing a request to Aon at Aon
Corporation, 200 E. Randolph Street, Chicago, Illinois 60601,
Attention: Investor Relations, and by accessing Hewitt’s website at
www.hewitt.com under the heading “Investor Relations” and then
under the link “Reports & SEC Filings” and from Hewitt by
directing a request to Hewitt at Hewitt Associates, Inc., 100 Half
Day Road, Lincolnshire, Illinois 60069, Attention: Investor
Relations.
Aon and Hewitt and their respective directors and executive
officers and certain other members of management and employees may
be deemed to be participants in the solicitation of proxies in
respect of the proposed transaction. You can find information about
Aon’s directors and executive officers in its definitive proxy
statement filed with the SEC on April 7, 2010. You can find
information about Hewitt’s directors and executive officers in its
definitive proxy statement filed with the SEC on December 16, 2009.
Other information regarding the participants in the proxy
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, are contained in the
definitive joint proxy statement/prospectus filed by Aon with the
SEC and will be contained in other relevant materials to be filed
by Aon or Hewitt with the SEC when they become available. You can
obtain free copies of these documents from Aon and Hewitt using the
contact information above.
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