Deloitte boosts asset management practice has been saved
Deloitte boosts asset management practice
Global strategy consultant Casey Quirk joins Deloitte
21 June 2016: Deloitte today announced globally that it had substantially acquired the assets of Casey Quirk, the world’s largest strategy consultancy devoted exclusively to serving the asset management industry. Terms of the deal were not disclosed.
“This acquisition cements the strong position and global reach that Deloitte enjoys in the Australian and global asset management markets,” said Neil Brown, Deloitte Australia wealth management leader.
“With Australia being one of the largest asset management markets in the world, the acquisition of Casey Quirk will be extremely valuable to our clients in this market.
“Casey Quirk has a great name here, and as our super pool of assets increases over time having asset management specialist skills that are globally relevant is becoming increasingly important.”
Deloitte’s Dynamics of Superannuation report places Australia’s current assets pool at just over $2 trillion, predicting it to double by 2025, and reach $9.5 trillion by 2035.
As a leader in asset management strategy, Casey Quirk has served a majority of the world’s 50 largest asset managers. Its partners and existing team will transition to Deloitte and operate under the ‘Casey Quirk by Deloitte’ brand.
“Combine this with Deloitte as a leader in business transformation, recently ranked number one in global business consulting by ALM Intelligence (formerly Kennedy) and #1 in consulting service providers by market share worldwide by Gartner (sixth year in a row), we have a winning combination,” Brown said.
Joe Guastella, Deloitte global and U.S. financial services consulting leader said: “This combination brings together capabilities to help our clients drive transformational change across their organisations. It positions us to work with our clients to respond to the range of quickly emerging, evolving and complex challenges, that include globalisation, innovation, competition and, most importantly, shifts in investor requirements.”
“Casey Quirk is joining forces with Deloitte to broaden our global financial services footprint and deliver differentiated execution capabilities for our clients,” said Kevin P. Quirk, Casey Quirk Chairman. “This combination provides an unparalleled value proposition to the marketplace.”
With an array of consulting services from strategy formulation through operational execution, Casey Quirk by Deloitte will offer one of the most complete sets of end-to-end consulting services available to asset management organisations. Brown said: “The combined teams with be able to help clients meet additional challenges such as fee pressure, industry consolidation, technology disruption, increased regulation and the rise of individual investors that are creating unprecedented change in the global asset management industry.”
“Casey Quirk has more than doubled its staff in the past three years and opened offices in Hong Kong and New York. Joining Deloitte is an optimal choice to help us maintain our tremendous growth,” said Yariv Itah, Casey Quirk Managing Partner. “We also believe this creates a superior career platform for our talented team.”
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Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 225,000 professionals, all committed to becoming the standard of excellence.
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In Australia, the member firm is the Australian partnership of Deloitte Touche Tohmatsu. As one of Australia’s leading professional services firms, and winner of both the Australian Financial Review/CFO Audit Firm of the Year and Accounting Firm of the Year awards 2013, Deloitte Touche Tohmatsu and its affiliates provide audit, tax, consulting, and financial advisory services through approximately 6,000 people across the country. Focused on the creation of value and growth, and known as an employer of choice for innovative human resources programs, we are dedicated to helping our clients and our people excel. For more information, please visit Deloitte’s web site at www.deloitte.com.au.
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