Deloitte has announced the completion of its purchase of the assets and business of Reformis, a specialist investment management technology and data firm.
This week sees 67 people from Reformis joining Deloitte in the UK, alongside 11 people in the US and five in Australia. They bring a wide range of expertise including front office implementations, data management and reporting solutions to clients in the investment and wealth management industry.
The deal brings together the two firms’ experts and respective market-leading capabilities, offering investment management clients an even broader range of technology services.
Tony Gaughan, vice chair and investment management EMEA co-leader at Deloitte, commented: “This is a transformative transaction and it demonstrates Deloitte’s commitment to continue growing our investment management practice. It will further enhance our global technology proposition in this sector and our ability to offer these services at scale. Bringing together Deloitte’s global reach with the talent from Reformis enables us to truly meet the demand that we are seeing among our clients as they look to evolve their businesses.”
In addition to the 81 employees that have joined across the UK, the US and Australia, the transaction sees two partners appointed from Reformis – Brian Woodham, the former chief executive officer, and the former chair, Paul McPhater.
Brian Woodham, partner at Reformis a Deloitte business, added: “Joining Deloitte marks a new chapter in Reformis’ 20-year history. During the transition and integration planning, it is evident that Deloitte shares our principles of collaboration, inclusion, accountability, and integrity. This means we are hitting the ground running and, as Reformis a Deloitte business, we will continue to help our investment management clients achieve their business goals by advising, designing, and delivering on technology and data solutions globally.”
Rob Cullen, managing partner for consulting at Deloitte UK, concluded: “This is an important transaction that demonstrates our ability and willingness to invest in opportunities where there is a clear market demand. Given the ever-increasing importance of data and technology to the investment management industry, our clients will only benefit from the depth of talent and breadth of expertise that our combined investment management business, can now offer.”