Watson Wyatt Worldwide
| Company type | Public |
|---|---|
| Industry | Management consulting |
| Predecessor | R. Watson & Sons, The Wyatt Company |
| Founded | 2005 |
| Fate | Merged with Towers Perrin in January 2010 to form Towers Watson |
| Headquarters | Arlington, Virginia , United States |
Area served | Americas, Europe, Asia Pacific |
| Products | Employee benefits consulting, talent management, pension and investment consulting, insurance and financial services consulting, technology and outsourcing solutions |
Watson Wyatt Worldwide, Inc. operated as an international management consulting organization that combined with Towers Perrin in January 2010, resulting in the creation of Towers Watson. The firm specialized in optimizing the expenses and efficiency of employee benefit schemes; crafting strategies for talent attraction, retention, and compensation; guiding pension plan sponsors and financial institutions on investment approaches; offering strategic and fiscal counsel to insurance and financial services sectors; and delivering solutions in technology, outsourcing, and data management. Its principal subsidiary, Watson Wyatt & Company, concentrated on human capital consulting with a presence throughout the Americas, Europe, and Asia Pacific regions. The company’s main headquarters were situated in Arlington, Virginia.
History
The UK actuarial business R. Watson & Sons was established by Reuben Watson in 1878. Later, in 1943, Birchard Wyatt founded another actuarial consultancy named The Wyatt Company.
In 1995, these two firms entered into a global strategic partnership under the Watson Wyatt Worldwide brand. The American branch was renamed Watson Wyatt & Company, while the UK counterpart adopted the name Watson Wyatt LLP. Watson Wyatt & Company went public in 2000 through an initial public offering and was subsequently listed on the New York Stock Exchange. The two companies officially merged in August 2005, operating under the unified name Watson Wyatt Worldwide.
2007 transactions
During 2007, Watson Wyatt broadened its footprint in Europe by acquiring three companies: in February, it purchased its Dutch alliance partner Watson Wyatt Brans & Co.; in July, it acquired Heissmann GmbH, a German human resources consulting firm; and in October, it added Sweden’s Oakbridge Consulting Group to its portfolio.
That same year, the company also obtained WisdomNet, a firm specializing in talent management technology and advisory services.
Furthermore, Watson Wyatt declared intentions to divest its multiemployer retirement practices located in the United States and Canada. The resulting independent entities—Horizon Actuarial Services (US) and PBI Actuarial Consultants (Canada)—would function autonomously without ownership ties to Watson Wyatt, although the original company would retain a revenue-sharing agreement for five years.
2007 Iron Workers pension fund settlement
On March 23, 2007, Watson Wyatt resolved litigation initiated by trustees of the Iron Workers Local No. 25 (Michigan) pension fund concerning allegations of underfunding linked to the firm's actuarial services. As part of the settlement, Watson Wyatt paid $110 million without conceding any liability.
Merger
On June 28, 2009, Towers Perrin and Watson Wyatt declared their intention to merge into a publicly traded entity named Towers Watson. The transaction was completed in January 2010.