Hewitt Associates has become one of the largest investment advisors in the US with the announcement of a definitive agreement to acquire EnnisKnupp, a provider of investment advisory services to large institutional investors.

The acquisition will also boost the human resources consulting and outsourcing company’s global growth plans.

EnnisKnupp provides a wide range of investment consulting services to corporations, public funds, endowments, foundations, non-for-profits and Taft-Hartley plans. The deal will see Hewitt become one of the largest providers of investment consulting services in the world with almost $3trn in assets under advisement.

Russ Fradin, chairman and chief executive officer of Hewitt Associates, said: “Two great names in investment consulting are joining forces to offer an expanded set of services to our valued clients. EnnisKnupp’s highly regarded advisory capabilities and impressive client portfolio are a perfect complement to Hewitt’s well-respected actuarial business and extensive expertise in managing pension risk. Our commitment to be a top-tier global investment consulting player and the potential to combine forces with EnnisKnupp were also real positives for Aon in our proposed transaction.”

The financial terms of the agreement were not disclosed, but the deal is expected to close during Hewitt’s fiscal 2010 fourth quarter.

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