Wealth at Work, a provider of financial education and employee wealth management services in the workplace backed by Manchester, UK-based Palatine Private Equity, has hired former Mercer CEO Alan Whalley as its new chairman.
Whalley is a qualified actuary who only recently retired from global financial services consultancy Mercer at the end of last year.
He has also held senior positions at Watson Wyatt, the global consultancy that merged with Towers Perrin to form Towers Watson, including European managing partner and US regional manager.
“As an acknowledged leader in UK pensions and investments, [Alan] will be an invaluable member of the team as Wealth at Work continues to build momentum,” Wealth at Work CEO David Cassidy said in a statement.
“In particular, Alan’s experience in building large businesses will be of significant benefit to the management team.”
Palatine managing partner Gary Tipper added, “The appointment of Alan has come at a time when Wealth at Work is going through significant and rapid growth.
“His knowledge and experience will be a considerable asset during the coming period as we continue to build both organically and through acquisition.”
Palatine backed the secondary management buyout of Wealth at Work in October 2011.
The firm provided equity funding alongside David Cassidy to acquire the business from LD, which originally backed the management team in 2009. LDC retained an interest in the business.
The appointment comes amid a busy period for Palatine, which earlier this week also announced an undisclosed investment in Chase Templeton Group, one of the UK’s largest private medical insurance specialist intermediaries.
The deal is the first investment from Palatine Private Equity II, a £150m vehicle that reached a £125m first close at the turn of the year, AltAssets reported last month.
The firm also recently sealed its stellar exit of oil and gas staffing group Air Energi, which it sold in October to LGV Capital, the private equity arm of insurer Legal & General, for a three-times return.
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