UK - Watson Wyatt has lost out to Hewitt Associates on the back of pharmaceuticals giant GlaxoSmithKline's (GSK) decision to consolidate its existing UK defined benefit pension arrangements, with Hewitt as the sole investment consultant.
Since the merger of GlaxoWellcome and SmithKline Beecham in 2000, both sets of legacy arrangements continued to operate separately, with Watson Wyatt advising the GlaxoWellcome pension fund and Hew...
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