Hewitt Associates, a global human resources consulting and outsourcing company, has acquired the remaining interest in BodeHewitt AG & Co KG, a German pensions and benefits consulting specialist, from Bayerische Hypo- und Vereinsbank AG (HVB). Together, BodeHewitt and Hewitt will have 230 associates working from offices in Munich, Stuttgart, and Wiesbaden.
BodeHewitt is the leading benefits consulting firm in Germany, advising more DAX30 companies than any other firm. It also serves as the actuary to many mid-size and smaller companies, as well as a variety of other pension schemes in Germany. It has operated as a joint venture since 2005, providing corporate pension services to both trustees and management of German and international companies while expanding the business substantially.
The business becomes Hewitt's German Retirement and Financial Management (RFM) consulting practice and will be jointly led by Olaf Petersen and Georg Thurnes, both currently board members of the company. Niels Rasmussen continues as managing director of Hewitt Associates in Germany.
Yvan Legris, president Global Consulting at Hewitt, said: “Germany is a key market for us and this further strengthens our ability to serve our increasingly global clients with a top tier presence in all major countries. During the four years of the BodeHewitt joint venture, we have seen demand grow for our actuarial services for both local and international companies.”