HR Administration

Recently Acquired Hewitt to Buy Ennis Knupp

By Staff Report

Jul. 20, 2010

Hewitt Associates Inc. will acquire Ennis Knupp & Associates Inc., creating a global investment consulting heavyweight with nearly $3 trillion in assets under advisement, according to executives from both firms.

Terms of the deal were not disclosed.

The combined investment consulting business will be called Hewitt Ennis Knupp. The move marks Hewitt’s second involvement in industry consolidation in just over a week. On July 12, executives from Hewitt and Aon Corp. announced that Aon will buy Hewitt for $4.9 billion in cash and stock.

“We’ve been looking for some time to grow our capabilities around the world, especially in the U.S.,” and Ennis Knupp was just a “wonderful fit for our firm,” said Ari Jacobs, North American retirement strategy and solutions leader for Hewitt.

In a separate interview, Stephen Cummings, Ennis Knupp’s president and CEO, likewise said Hewitt was a perfect fit with his long-term plans for Ennis Knupp’s business.

Richard Ennis, a leading figure in the investment consulting industry who helped found Ennis Knupp 29 years ago, will retire, Jacobs said.

Cummings said that more than two years ago, he laid out “a pretty aggressive long-term vision” for Ennis Knupp’s board, with the goal of transforming a U.S.-focused firm into a “leading global provider of investment consulting services.”

Cummings, who will be the CEO of Hewitt Ennis Knupp, said the synergies between the two firms extend beyond the U.S.-international combination. Ennis Knupp has spent the past five years developing expertise in alternatives areas, including private equity, real estate and hedge funds, with capacity to serve more clients in those areas. Hewitt hasn’t built up its capabilities to the same extent and has a number of clients looking for more advice, he noted.

Cummings will report to Mary Moreland, Hewitt’s North American retirement and investment consulting leader. Other senior executives, including Bradley Smith, the leader of Hewitt Investment Group, will serve as principals, reporting into Cummings.

Jacobs said there are no plans to reduce staff, outside of a few overlapping support roles. He said Ennis Knupp’s 42 equity holders unanimously agreed to be bought out.  

Filed by Douglas K. Appel of Pensions & Investments, a sister publication of Workforce Management. To comment, e-mail


Stay informed and connected. Get human resources news and HR features via Workforce Management’s Twitter feed or RSS feeds for mobile devices and news readers.

What’s New at

blog workforce

Come see what we’re building in the world of predictive employee scheduling, superior labor insights and next-gen employee apps. We’re on a mission to automate workforce management for hourly employees and bring productivity, optimization and engagement to the frontline.

Book a call
See the software

Related Articles

workforce blog


Minimum Wage by State in 2023 – All You Need to Know

Summary Twenty-three states and D.C. raised their minimum wage rates in 2023, effective January 1.  Thr...

federal law, minimum wage, pay rates, state law, wage law compliance

workforce blog

HR Administration

Is your employee attendance policy and procedure fit for purpose?

Summary: Lateness and absenteeism are early warning signs of a deteriorating attendance policy. — More ...

compliance, HR technology, human resources

workforce blog

HR Administration

Clawback provisions: A safety net against employee fraud losses

Summary Clawback provisions are usually included as clauses in employee contracts and are used to recou...

clawback provisions, human resources, policy