Aon Consulting to buy JP Morgan retirement unit

CHICAGO

Aon Consulting said Friday it agreed to buy a division of JPMorgan Chase & Co.'s retirement unit for an undisclosed amount.

JP Morgan Compensation and Benefit Strategies, a division of JP Morgan Retirement Plan Services LLC, provides compensation, retirement and health care actuarial services.

Kathryn Hayley, CEO of Aon Consulting, said in a release that the deal strengthens Aon Consulting's abilities in pension actuarial and advisory services. Aon Consulting is a unit of insurance broker Aon Corp.

The transaction is expected to close by March 31.

Shares of Aon Corp. gained rose 16 cents to $42.50 in midday trading. JPMorgan shares fell 31 cents to $43.33.