A management buyout will see the global wealth solutions group of Willis Towers Watson taken into a separate entity.

Hong Kong-based insurance major Charles Monat Associates has agreed to acquire all of the global wealth solutions business of Willis Towers Watson, a global advisory, broking and solutions company. The MBO takes place exactly three years after Charles Monat Associates was acquired by WTW.

The financial details of the deal were not disclosed.

Charles Monat Associates had been purchased by Willis Towers Watson in May 2014. 

After the management buyout, the domestic business of global wealth solutions, which comprises the European Union domestic offering, will be operated through the global network of Willis Towers Watson. Once the MBO is complete, Charles Monat Associates will have more than 130 employees worldwide with offices in Hong Kong, Singapore, Miami, Zurich.

Charles Monat Associates will have an arrangement with Willis Towers Watson to have continued access to and sales of services and insurance products on a global basis.

“CMA is a highly evolved business with a 46-year history. We work with some of the wealthiest families via our offices in Asia and around the world. As an independent firm with an ongoing business relationship with Willis Towers Watson, we will be even better positioned to deliver wealth protection strategies catering to the very specific needs of our high net worth individual clients,” CMA’s global chief executive Yves Guélat said. 

The business was founded in 1971; it offers expertise in liquidity planning, wealth transfer for individuals, businesses and families.

Willis Towers Watson’s corporate website explained why Charles Monat Associates was bought in the following way: “GWS and Charles Monat Associates’ market-leading life insurance solutions business in Asia are extremely complementary. The merger has created an ideal platform from which to serve clients on a truly global basis. It also gives clients and partners (new plus existing) access to many other specialist services of the Willis Group.”