J.P. Morgan (NYSE:JPM) Selling ‘Compensation and Benefit Strategies’ Unit to Aon Consulting

J.P. Morgan (NYSE:JPM) announced it has signed an agreement with Aon Consulting to sell its Compensation and Benefit Strategies unit, a part of their Retirement Plan Services, LLC. Terms of the deal haven’t been released at the time of this writing. The

The ‘Compensation and Benefit Strategies’ divison of J.P. Morgan provides health care, retirement and compensation actuarial services to its customers. They specifically target employee benefit plans, where they work to help with all the aspects connected to the sector, including financial modeling and compliance.

In a statement, Kathryn Hayley, chief executive officer of Aon Consulting, said this about the deal, “Aon continues to invest in the industry’s best talent and innovative solutions to serve clients with distinction. The combination of exceptional talent joining our firm and a strong client base makes this acquisition an ideal strategic fit for Aon Consulting.”

Along with complementing some of the existing services offered in major markets like New York, Chicago, Dallas, Boston and Los Angeles, the acquisition will add to the current consulting strengths of the company in advisory and pension actuarial services in those regions as well.

Services being complemented by the deal include benefit issues related to legal and professional services companies, union negotiations and benefit reimbursement on government contracts.

There will be no immediate changes for those offices which have a presence in existing markets of both companies. Near the latter part of June employees at the J.P. Morgan offices will transfer to the offices of Aon when they are located in the same city.

The deal is expected to close at the end of March, said the companies.