Global professional services firm Marsh McLennan has for the first time in its 150+ history broken the $20 billion barrier in global revenues – with a $2.8 billion contribution from star performer Oliver Wyman.
Global consulting firm Oliver Wyman hosts more than 6,000 professionals in more than 30 offices around the world. Recognised across the globe as one of the leading brands in strategy consulting, it has found demand has surged over the last two years in particular.
As clients look for help building strategy which will see them weather the economic uncertainty of present, and come out ahead of the curve in the future recovery, Oliver Wyman’s global revenues have surged. In 2021, the company reported 21% growth, hitting $2.5 billion. Now, the firm has confirmed it enjoyed a second consecutive year of double-digit expansion, expanding by 10% to pass $2.8 billion in the last financial year.
Founded in 1871 in New York, Marsh & McLennan is the parent company of four globally operating professional services groups, such as Oliver Wyman. Other brands include Marsh and Guy Carpenter (both focusing on insurance and reinsurance services), Mercer (human capital consulting) and subsidiaries Nera Economic Consulting and Lippincott focusing on economics consultancy and brand and design services). The broader group also enjoyed a solid year of expansion in 2022. Marsh McLennan’s global revenues grew by 5% in the last year, hitting $20.7 billion.
Commenting on the performance of Marsh McLennan – the global group of which Oliver Wyman is part – CEO John Doyle said, “2022 was an outstanding year for Marsh McLennan. We generated revenue growth while continuing to invest in our talent and capabilities, both organically and through acquisitions.”
Oliver Wyman was the fastest-growing aspect of the group, though. Reflecting the company’s broad offering, and healthy financial performance, it is now regularly discussed as on of the world’s leading strategy brands, behind only the MBB of McKinsey & Company, Boston Consulting Group and Bain & Company.
For example, a list of the world’s best management consulting firms compiled by market researchers Statista and published last year by Forbes, saw Oliver Wyman highly praised. It received a four-star rating, or was “frequently recommended” across six of its lines, including among other areas strategy, operations management, organisation and change, finance, risk and compliance.
Meanwhile, the company continues to build its presence across all geographies. 2022 saw Oliver Wyman complete its purchase of Booz Allen Hamilton’s management consulting business in the Middle East and North Africa one major highlight. The firm also increased its Australian presence via the acquisition of Perth-based advisory Azure Consulting, and launched new offices in Abu Dhabi, Austria, and Belgium – taking the firm’s count above 70 offices in 30 countries worldwide.
Looking ahead, Doyle said of Marsh McLennan’s outlook was bright, adding, “Our expertise across the important areas of risk, strategy and people is more relevant than ever as we help clients navigate an uncertain world.”