NU Online News Service, March 22, 1:14 p.m. EST

Aon Consulting has signed an agreement to acquire J.P. Morgan Compensation and Benefit Strategies, a division of J.P. Morgan Retirement Plan Services, LLC. Financial terms were not released.

The subsidiary of Chicago-based Aon insurance brokerage is expected to close on the purchase by the end of this month, the company said Friday.

J.P. Morgan Compensation and Benefit Strategies provides compensation, retirement and health care actuarial services, with expertise in compliance, financial modeling and other actuarial-based solutions related to employee benefits plan designs.

"Aon continues to invest in the industry's best talent and innovative solutions to serve clients with distinction," said Kathryn Hayley, chief executive officer of Aon Consulting in a statement.

"The combination of exceptional talent joining our firm and a strong client base makes this acquisition an ideal strategic fit for Aon Consulting," commented Ms. Hayley.

Aon Consulting said the deal would enhance its consulting capabilities in key areas, including pension actuarial and advisory services with additional offices in 13 markets, such as New York, Boston, Chicago, St. Louis, Dallas, Denver, Los Angeles and San Francisco.

Ms. Hayley said the deal strengthens the firm's geographic presence in key markets and adds approximately 150 new employees nationally.

The new team, she noted, will complement current services by providing employee benefit program solutions and services in areas such as complex union negotiations, benefit reimbursements for government contracts, and benefit issues unique to law firms and other professional services firms.

A spokesman for Aon said the J.P. Morgan team will remain in their current offices until the end of June. At that time they will join Aon colleagues in the broker's current offices in the same metropolitan area.

Aon Consulting has more than 6,300 professionals in 229 offices worldwide.

Aon said J.P. Morgan Retirement Plan Services provides fully bundled defined contribution and defined benefit services for some of the nation's largest retirement plans. The firm provides recordkeeping for over 850 plans and more than 1.7 million retirement plan participants, as of Dec. 31, 2009.