Accenture has acquired InvestTech Systems Consulting, a US-based technology and operations focused consultancy in the investment and wealth management segment. The deal boosts the firm's proposition to investment and wealth managers looking to meet challenges from digitalisation.
InvestTech Systems Consulting (ISC) is a business technology and consulting firm, located in Los Angeles. The firm, which was founded in 1993, supplies investment and wealth managers with a range of technological and operations advisory services. Key areas of expertise extend from architecture planning, operations transformation, and enterprise data management, to investment accounting, portfolio management, trading product evaluations and implementation of vendor-provided solutions.
The investment management space has, for some time, faced considerable pressures from digitalisation – from demand from clients for improved services, to technologies that cut costs, improve returns and reduce risks. A recent report from Oliver Wyman found that the wealth management industry may not be fully prepared for potential changes.
Accenture’s acquisition of ISC bolsters the firm’s capabilities in the technology and operations consultancy segment for investment and wealth managers looking to boost investment in technological innovation. The deal, the value of which has now been disclosed, will add a range of key investment technology systems-integration and consulting services expertise to the firm.
Owen Jelf, a Senior Managing Director at Accenture and head of the company’s Capital Markets practice, remarks about the deal, “Asset managers are under growing pressure to modernise their investment management and operational infrastructure to support growth, higher efficiency and profitability. By further expanding our systems integration and consulting capabilities in this area, we will be able to do much more to help our clients tap new digital innovations and provide access to new scale advantages that can ensure their competitiveness well into the future.”
Jeremy Hurwitz, InvestTech’s founder and President, reflects, “Over the past twenty-five years, we’ve built a team of some of the world’s most experienced investment systems professionals and have served many of the largest and most complex global asset management firms. As part of Accenture, we will be able to bring world class services to a wider spectrum of clients – from large and mid-sized asset managers to insurance companies, pension plans and hedge funds.”
Last year Accenture in the US among others acquired Beacon, a management consultancy, which expanded the firm’s back- and middle-office client relationships with five of the largest asset managers in the US.