LCP expands international network in emerging markets
3 October 2011
LCP today announced the expansion of its international network into Mexico, Russia and the Commonwealth of Independent States ("CIS") countries, with the addition of two new member firms: Vitalis Actuaires (Mexico) and Pension & Actuarial Consulting ("P&AC") (Russia and CIS).
The two firms join a number of leading local actuarial consultancies from other emerging market countries, including Brazil, India, Singapore, Malaysia, China & Hong Kong and Indonesia, that have all joined LCP's international network in the past 18 months. LCP, through its long-standing association with Alexander Forbes, is also able to provide comprehensive advice across the whole of Africa, and the firm's global reach was further extended earlier this year with the opening of an LCP office in Abu Dhabi.
Abe Hernandez, Chairman and President of Vitalis said: "With its low labour costs and skilled manufacturing workforce, Mexico is a very attractive location for multinational companies. Labour law and pensions systems are changing, and there is a recognition that Mexican employees will need to save more if they want a decent pension in retirement. We therefore look forward to developing our links with LCP, especially as one of Vitalis' board directors, Antonio Meyer, is President of the British Chamber of Commerce in Mexico, and there is an increased focus on trade links between Mexico and the rest of the world."
Evgeniy Yakushev, President and CEO of P&AC said: "We look forward to working with LCP and its international network partners. The Russian and CIS pension systems have undergone significant reform in recent years, and Russian social security costs increased by 30% in 2011. As advisers to some of the largest companies and pension funds in the region, we are well placed to help LCP's clients who want to build businesses in Russia and CIS."
Colin Haines, international partner at LCP, said: "We are delighted that, through Vitalis and P&AC, LCP clients will be able to access specialist local support in Mexico and Russia. P&AC can also provide support in other CIS countries including Ukraine and Kazakhstan."
Haines added: "The emerging markets are proving to be attractive economies for investment and growth, as indicated by the recent business delegation to Russia led by the UK Prime Minister. Many of our clients are focusing on these regions to deliver the next stage of their business strategies. It is therefore essential that companies and investors understand the pensions systems in these countries - and the impact these have on employment costs and business risks - when expanding in these regions."
"This growth reinforces LCP's international network as one of the largest groups of employee benefit consultants in the world. We are seeing increased interest in our international services, and our clients value our ability to provide independent advice from around the world. This has also helped us win international benefits consulting mandates from several large European multinationals in recent months."
