JLT Employee Benefits has launched a separate wealth management division and is seeking to grow assets to more than £1 billion (around $1.6 billion) by 2012, according to FT Adviser.

The wealth arm comprises iimia Wealth Management, acquired by the JLT group in January this year, plus the investment consulting practice from the employee benefits operation, the report said.

JLT could not be reached by WealthBriefing for further details at the time of going to press.

With 17 offices across the UK, JLT Wealth Management already has more than 7,000 clients and more than £800 million in funds under management.

Karen McCaffrey, managing director of JLT Wealth Management, was quoted as saying that the firm sees opportunities for exceptional growth in the coming years, as workplace savings schemes are changing and people will need to take more responsibility for their own pension planning.

“Recent changes to pensions legislation, coupled with the Retail Distribution Review, will forever change the saving for retirement landscape and the way advice is provided,” she added. (The RDR is the UK regulatory programme of reforms to independent financial advice).

JLT Employee Benefits is part of the UK-based JLT Group.