**Exhibit21**

**WATSONWYATT & COMPANY HOLDINGS****SUBSIDIARIES OF THE REGISTRANT**
| **Subsidiary Name**                               | **Jurisdiction of  Incorporation/  Organization** |   | **Name(s) under  which  such subsidiary does  business (if different)*** |   |
|---------------------------------------------------|---------------------------------------------------|--------|--------------------------------------------------------------------------|--------|
| ****                                              |                                              | ****   |                                                                     | ****   |   |
|                                              |                                              |   |                                                                     |   |
| Watson Wyatt Argentina S.A.                       | Argentina                                         |   |                                                                     |   |
| Watson Wyatt Australia Pty Ltd                    | Australia                                         |   |                                                                     |   |
| Wycomp Pty Ltd                                    | Australia                                         |   |                                                                     |   |
| Watson Wyatt S.A.                                 | Belgium                                           |   |                                                                     |   |
| Watson Wyatt Brasil Ltda.                         | Brazil                                            |   |                                                                     |   |
| Watson Wyatt Company Limited                      | Canada                                            |   |                                                                     |   |
| Watson Wyatt Consultancy  (Shanghai) Ltd.         | China                                             |   |                                                                     |   |
| Watson Wyatt Colombia S.A.                        | Colombia                                          |   |                                                                     |   |
| Watson Wyatt S.A.R.L.                             | France                                            |   |                                                                     |   |
| Watson Wyatt GmbH                                 | Germany                                           |   |                                                                     |   |
| Wyatt Bode Grabner GmbH                           | Germany                                           |   |                                                                     |   |
| Watson Wyatt International Pension  Trustees Ltd. | Guernsey, Channel Islands                         |   |                                                                     |   |
| Watson Wyatt Hong Kong Limited                    | Hong Kong                                         |   |                                                                     |   |
| Watson Wyatt Systems Ltd.                         | Hong Kong                                         |   |                                                                     |   |
| Watson Wyatt India Private Limited                | India                                             |   |                                                                     |   |
| P.T. Watson Wyatt Purbajaga                       | Indonesia                                         |   |                                                                     |   |
| Watson Wyatt ISSO s.r.l.                          | Italy                                             |   |                                                                     |   |
| Watson Wyatt K.K.                                 | Japan                                             |   |                                                                     |   |
| Watson Wyatt (Malaysia) Sdn. Bhd.                 | Malaysia                                          |   |                                                                     |   |
| Watson Wyatt Holdings (Mauritius)  Limited        | Mauritius                                         |   |                                                                     |   |
| Wyatt Internacional, S.A. de C.V.                 | Mexico                                            |   |                                                                     |   |
| Watson Wyatt Mexico, S.A. de C.V.                 | Mexico                                            |   |                                                                     |   |
| Watson Wyatt B.V.                                 | Netherlands                                       |   |                                                                     |   |
| Watson Wyatt European Region B.V.                 | Netherlands                                       |   |                                                                     |   |
| Watson Wyatt New Zealand Limited                  | New Zealand                                       |   |                                                                     |   |
| Retirement Planning Seminars (NZ)  Limited        | New Zealand                                       |   |                                                                     |   |
| Retirement Trustees NZ Limited                    | New Zealand                                       |   |                                                                     |   |
| Watson Wyatt Philippines, Inc.                    | Philippines                                       |   |                                                                     |   |
| Watson Wyatt Puerto Rico, Inc.                    | Puerto Rico                                       |   |                                                                     |   |
| Watson Wyatt Singapore Pte. Ltd.                  | Singapore                                         |   |                                                                     |   |
| Watson Wyatt de España, S.A.                 | Spain                                             |   |                                                                     |   |
| Watson Wyatt A.B.                                 | Sweden                                            |   |                                                                     |   |
| Watson Wyatt AG                                   | Switzerland                                       |   |                                                                     |   |
| Watson Wyatt (Thailand) Ltd.                      | Thailand                                          |   |                                                                     |   |
| Graham & Company Limited                      | U.K.                                              |   |                                                                     |   |
| PCL (1991) Limited                                | U.K.                                              |   |                                                                     |   |
| PCL Limited                                       | U.K.                                              |   |                                                                     |   |
| The Wyatt Company (UK) Limited                    | U.K.                                              |   |                                                                     |   |
| The Wyatt Company Holdings Limited                | U.K.                                              |   |                                                                     |   |
| Watson Wyatt Holdings (Europe)  Limited           | U.K.                                              |   |                                                                     |   |
| Watson Wyatt Limited                              | U.K.                                              |   |                                                                     |   |
|                                                   |                                                   |        |                                                                          |        |  |

 

| Wyatt Financial Services Limited          | U.K.               |   |   |   |
|-------------------------------------------|--------------------|--------|--------|--------|
| Wyatt Pension Plan Trustee Limited        | U.K.               |   |   |   |
| Watson Wyatt & Company                | U.S. Delaware      |   |   |   |
| Watson Wyatt Insurance Consulting,  Inc.  | U.S. Delaware      |   |   |   |
| Watson Wyatt Investment  Consulting, Inc. | U.S. Delaware      |   |   |   |
| Wyatt Data Services, Inc.                 | U.S. Delaware      |   |   |   |
| Watson Wyatt Insurance Brokerage,  Inc.   | U.S. Massachusetts |   |   |   |
| Watson Wyatt International, Inc.          | U.S. Nevada        |   |   |   |
| Watson Wyatt & Company II             | U.S. Nevada        |   |   |   |
| WW Finance, Inc.                          | U.S. Delaware      |   |   |   |

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*All of these subsidiaries do business under their own name or under the nameWatson Wyatt Worldwide.