Consultancy Towers Watson has doubled its holding in South African firm Fifth Quadrant - from 20% to 40% - and plans to increase its shareholding to over 50% within the next year.
Towers Watson formed a strategic alliance with the South African actuarial and employee benefits consultancy on June 2008. The firms signed an agreement outline the increase of Towers Watson's shareholding over the next year.
Babloo Ramamurthy, regional manager, Emea for Towers Watson said: "This is a logical next step in strengthening our relationship with Fifth Quadrant and building our presence and brand in southern Africa. We see strong growth opportunities here in the coming years, and our strategic fit with Fifth Quadrant will ensure we capitalise on these while offering seamless consulting services to our multinational clients."
Ant Lester, managing director of Fifth Quadrant said: "Our relationship with Towers Watson has significantly enhanced the service we can provide to clients, including global companies with operations in southern Africa, as well as enabling us to advise southern African firms on global best practice."
This agreement follows Towers Watson's recent acquisition of EMB, a non-life consulting and software company, which is aimed at expanding its consulting and software offering to non-life insurers around the world, including southern Africa.
In view of the increased focus on South Africa, Nigel Biggs has been appointed managing consultant of the Towers Watson/Fifth Quadrant operations in the region. In his new role, Biggs will be responsible for the growth of the combined Towers Watson / Fifth Quadrant business both in southern and the rest of Africa.
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