Accenture buys financial services consultancy Parker Fitzgerald

Global consultancy Accenture has reached an agreement to purchase specialist firm Parker Fitzgerald for an undisclosed sum. The financial services consultancy is hoped to strengthen Accenture’s advisory, assurance and regulatory offerings in the sector.

Constituting the most lucrative portion of the UK’s consulting clients, bringing in around £3.5 billion per year, the financial services sector is understandably crowded with specialist firms looking to make the most of it, including Capco, Synechron, TORI, and Axis Corporate. In order to gain a foothold in the segment, the generalists of the world like the Big Four and the world’s largest strategy firms of the MBB have increasingly turned to merger and acquisitions campaigns. Unsurprisingly, this has seen Accenture turn its attentions to one of the financial consulting arena’s quickest growing names.

Founded in 2008 amid the chaos of the global financial crisis, Parker Fitzgerald is a management consulting and implementation partner to some of the world’s leading financial institutions. Headquartered in London, the firm’s global network of senior industry practitioners, technical experts and change specialists offer services in all areas of financial and non-financial risk, regulation and financial technology.

The firm is a strategic partner to regulatory bodies including the Bank of England, and its industry engagement demonstrates a strong affiliation with industry groups and risk organisations. Because of this, Parker Fitzgerald’s work has been acknowledged by a number of industry awards groups. The firm scooped Best New Consultancy at the 2019 MCA Awards in London, two years after it picked up Consultancy of the Year at the Operational Risk Awards 2017.

“Financial services companies continue to contend with the impact of economic and geopolitical uncertainties, regulatory challenges and digital transformation,” said Tara Brady, who leads Accenture’s Financial Services practice in the UK. “Parker Fitzgerald has a successful track record helping clients navigate ever-increasing disruption and uncertainty, and the combination of their risk advisory and assurance expertise with Accenture’s consulting and digital capabilities will be a strong differentiator, enhancing our services to UK financial institutions.”

Parker Fitzgerald’s advisory and assurance know-how will complement Accenture’s consulting and technology capabilities, along with its regulatory experience. The move also strengthens Accenture’s client response to the evolving risk landscape in financial services, something which will become increasingly important amid the turbulent conclusion of the Brexit process, and with a looming global recession on the cards.

Scott Vincent, Founder and CEO of Parker Fitzgerald said, “Helping clients optimise their performance in a rapidly evolving risk environment remains our utmost priority. Accenture’s tremendous scale and scope, coupled with their data- and technology-focused expertise in finance and risk, will enable us to expand our geographic reach and provide high-quality services to an even-broader client base.”