Isio has signed an agreement to acquire the UK pensions advisory business of Deloitte, Deloitte Total Reward and Benefits Limited (DTRB), for an undisclosed amount, subject to approval from the Financial Conduct Authority (FCA).
The acquisition, which is expected to complete in Spring 2023, will see the addition of DTRB’s 200-strong workforce, which, according to Isio, is expected to create one of the largest pensions advisory businesses in the UK.
Indeed, following the acquisition, the enlarged Isio Group is expected to have annual revenues of around £140m, with 1,000 employees across the UK.
The announcement also follows Isio’s previous acquisition of Premier Pensions Management in January 2022, which aimed to strengthen Isio’s core pensions business whilst enabling it to launch new propositions, such as employee benefits advice.
Commenting on the news, Isio Group chief executive, Andrew Coles, stated: “Since our independence in 2020, we have been ambitious in our growth plans and are proud of how quickly we have established ourselves in the market, developing our people and our services at pace.
“This acquisition builds on the momentum we have as we build scale and challenge the status quo by developing the best pensions, benefits and wealth advisory offering in the market.
“Deloitte UK’s pensions business has achieved great success to date and bringing the two businesses together will create exciting opportunities for our people, our clients and their pension scheme members. I look forward to welcoming the DTRB team into an environment which provides so much opportunity for career development and progression.”
Adding to this, Deloitte UK pensions business head, Mark McClintock, commented: “Bringing together the pedigree and heritage of Deloitte’s UK pensions business and Isio is a hugely exciting proposition for our people and the marketplace.
“The combined business will have the skills, propositions and services to be the advisor of choice to many UK pension schemes and their sponsors. We are looking forward to joining Isio and all the opportunities it will provide for the team.”
Isio was previously the pensions advisory arm of KPMG and launched in March 2020, with backing from Exponent.
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