Financial Services Industry
Industry: Email Alert RSS FeedDepartures hit Hewitt; Bonus system changes in investment consulting; DC unit sale is rumored.(defined contribution plans)
Pensions & Investments, August, 2006 by Appell, Douglas
Byline: Douglas Appell and Jenna Gottlieb LINCOLNSHIRE, Ill. - Key staff departures at Hewitt Associates Inc.'s defined benefit and defined contribution consulting arms are straining the company's ability to service investment consulting clients and are fueling rumors that Hewitt will sell its defined contribution business to Fidelity Investments, Boston.
Seven senior U.S. consultants at Hewitt Investment Group, the investment consulting division, bolted during the past six months, in part because of a change in the group's compensation structure, ex-Hewitt consultants and competitors say. Following defections, Hewitt officials resigned from at least one consulting job. "We were informed that ... their capacity has been thereby reduced (by the departures),...
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