At least nine Irish partners to share Watson Wyatt windfall

At least nine Irish-based partners in financial services consultancy firm Watson Wyatt are set to secure windfalls from the sale of the British operation to its US parent.

Watson Wyatt LLP, the company's UK operation, which is 80 per cent owned by its top management, has agreed to sell to the US-based Watson Wyatt and Company for $451 million (€347 million).

"All partners of Watson Wyatt LLP, including those based in Ireland, will share in the sale proceeds," a spokesman for Watson Wyatt said yesterday.

However, the company is not disclosing individual payouts and it is not known whether any of the Irish-based partners are among the top 45 staff, who are set to collect a multimillion-dollar payout, or whether they belong to a second tier of 195 partners. Some associates and retired partners will also share the proceeds.

The company, which employs around 60 people in the Republic, advises over 200 employers here on their pension arrangements and human resources strategies, as well as offering investment and insurance consulting.

According to its website, the Irish-based partners are Mr Keith Burns, Ms Rosemary Commons, Mr Kevin Empey, Mr Neil Herlihy, Mr Derek Hunter, Mr Ray McKenna, Mr Michael Murphy, Mr Gerry O'Carroll and Mr Paul Victory. The managing consultant is Mr Kevin Spring.

Watson Wyatt is based in Surrey, England, and dates back to 1878. Watson Wyatt and Company, which floated in 2001, said the purchase was driven by the demands of clients, who wanted to deal with a single global company rather than various parts of its worldwide operations.

Watson Wyatt advises 75 per cent of the UK's leading 100 companies on issues including pensions and investments. Unlike Watson Wyatt and Company, the firm operates a large insurance and financial services practice.

The US-based company, by comparison, runs a technology consultancy. - (Additional reporting Financial Times Service)