Quantum Advisory, an independent actuarial consultancy headquartered in Cardiff, is expanding with Welsh Government support and creating 40 new jobs.
The expansion, backed by £200,000 business finance from the Welsh Government, has seen Quantum relocate its Cardiff headquarters to larger premises in St Mellons and will increase the number of employees in the capital city to more than 90 within three years.
The news has been welcomed by Economy Secretary Ken Skates who said: “Quantum Advisory is an indigenous business working in one of our key economic sectors and I am pleased Welsh Government support helped secure this expansion for Wales.
“The investment supports the Financial and Professional Services sector strategy and will create high value sustainable jobs associated with actuarial science which is a growth market.”
Quantum Advisory – the trading name of Quantum Actuarial LLP – provides pension and employee benefits services to employers, scheme trustees and members. Advising on £3.5 billion of pension fund assets the company has delivered a pension administration service to clients since its inception as well as investment, actuarial and pensions consultancy services to clients both in the UK and internationally.
Andrew Reid-Jones, Partner at Quantum Advisory, said: “The Welsh Government has been instrumental in enabling us to realise our strategic growth plans. Our previous office was at full capacity, but as a direct result of the Welsh Government’s support we were able to move into a larger neighbouring premises to accommodate projected future growth and provide further central services to our regional offices.”
Since setting up the company in 2000 with a single office in Cardiff, Quantum now boasts regional offices in Amersham, Birmingham, Bristol and London and last year saw an increase in turnover of 10%.
The employee benefits and pensions consultancy market is dominated by a small number of large corporate entities and Quantum is the only consultancy headquartered in Wales and is a niche player in the market specialising in providing tailor made services and solutions.
The size of the UK pension market is around £3.3 trillion of assets under management and the market continues to grow driven by a number of factors including auto-enrolment and legislative and regulatory change.