Deloitte set to purchase investment management firm Reformis

Investment management technology and data firm Reformis is in line to be acquired by Deloitte, after the Big Four firm announced its intention to purchase the business. The addition of Reformis’ experts is hoped to boost Deloitte’s existing capabilities.

Founded in 2003, Reformis is a UK headquartered business with additional offices in Australia and the US. The global business employs around 90 professionals across those locations, providing technology, business and change management consultancy services to clients in the investment and wealth management industry.

Reformis is a specialist in providing and implementing data and technology solutions to the investment and wealth management market. However, as it looks to grow in the coming years, it has sought out a larger partner to help it realise those ambitions. To that end, Deloitte has announced its intention to purchase Reformis’ business and assets.

Vice chair and investment management EMEA co-leader at Deloitte, Tony Gaughan, commented, “Reformis’ highly experienced team of experts have a track-record of delivering impressive technology and data implementation projects in the investment management industry. It is this experience that will complement our existing capabilities in a way that is critical to meeting our clients’ needs.”

Technology and data have never been more important for the investment management and wealth industry – and Deloitte sees the move as a way of helping it meet those demands. Deloitte is one of the world’s four largest audit and advisory firms – alongside PwC, KPMG, and EY – and counts many of the world’s largest private and public sector entities among its clients.

Upon completion, the combination of Reformis’ expertise with Deloitte’s existing capabilities and scale will be an important move towards offering investment management clients a broader range of technology-enabled services. At the same time, Deloitte plans to invest and grow Reformis’ offering significantly, including doubling its headcount over the next five years and creating new roles in the UK in London, Scotland and Northern Ireland.

Speaking on the firm’s potential for expansion, Reformis CEO Brian Woodham added, “This is an exciting time for Reformis as we build on our achievements from the past 19 years. In that time, we have helped clients achieve their investment and wealth management business goals by advising, designing, and delivering data-led solutions globally: covering strategic, technical, operational, and change programmes. The future combination of our business and people with the exceptional team at Deloitte and benefitting from Deloitte’s global network will ensure that we are able to provide a very compelling offering across the investment management market.”

Woodham also emphasised a belief that both businesses share “similar cultural values”, which will help the combined entity to deliver new solutions for customers through Deloitte’s wider set of capabilities, such as cyber security and systems testing technology. It is expected that these shared values will see Woodham and Reformis Chair, Paul McPhater, slot into Deloitte’s partnership, when the deal concludes. Meanwhile, Reformis’ people in the UK, Australia and the US will integrate into Deloitte’s consulting practices in those markets.

Anne-Marie Malley, A Managing Partner in Deloitte’s consulting wing, concluded, “This transaction demonstrates our confidence and willingness to invest where there is clear market demand. It is an important step for our investment management team and our consulting business as we expand our capabilities for our clients. The depth of talent from Reformis with the breadth of Deloitte’s capability will enable us to offer our investment management clients an even broader range of expertise.”