Davies launches multi-sector division with rebranded Sionic
As Davies continues its global reorganisation, it has announced the retirement of the Sionic brand. The consulting firm, which Davies acquired two years before, will now be incorporated completely into Davies’ own consulting wing.
Part of consulting and technology group Davies since 2021, Sionic is a global consulting firm specialising in financial services. With main offices in New Jersey, Toronto and London, the firm’s more than 450 staff work with clients across North America, Europe and Asia to advise them on banking, asset and investment management, financial markets infrastructure, wealth management, insurance and reinsurance.
Following two years of integration, however, Davies has decided that the time is right to incorporate the firm into its own branding. Henceforth, Sionic will become the consulting wing of Davies’ new multi-sector offering, Davies Global Solutions – with the Sionic brand formally retired.
Peter Stone, chief strategy officer for consulting at Davies, said, “Rebranding Sionic is just the start. The new consulting division of Davies brings together leading specialist expertise from across the group, across the financial sector and beyond, at scale. It gives our clients immediate access to a radically expanded range of expertise, and the pace will only continue to increase as we grow out the division with new acquisitions, capabilities, sectors, and locations to continue as a driving force in global consulting. It’s a very exciting time!”
As a global professional services firm, Davies boasts more than 8,000 colleagues operating across 10 countries, including the UK and the US, and serves clients across the banking, wealth management, insurance segments of the financial services market, along with several other highly regulated sectors.
The shift to include Sionic as part of Davies Global Solutions – which bridges consulting, technology and insurance services – will help the firm provide a holistic end-to-end service for these clients, while making Davies Global Solutions a 1,000-strong global team. This sees the consulting division of Davies also grow to consist of eight, expert-led specialist practices: asset and wealth management; banking and markets, customer experience, assurance, financial crime and compliance, insurance, people and organisational performance; and managed services, all serving clients across the US, Europe, Africa, Asia and the Middle East.
Mark Grocott, CEO of Davies Global Solutions, added, “The acquisition of Sionic in 2021 has catapulted our capabilities within the market and new and existing clients have had the benefit of tapping into highly experienced consultants and technology experts. Under Davies, our clients will now have access to an international service offering, operating across 10 countries, while also allowing the wider business to remain agile as we position ourselves for the next phase of global growth.”
The news follows Davies announcing a new simplified organisational structure at the start of 2023, which saw it align its global operations across three business units. Following a sustained period of organic and M&A growth, the group consolidated into three entities: Davies Global Solutions, Davies UK & Ireland, and Davies North America. The three core units has enabled Davies to strengthen and simplify its services business-wide, driving additional value for its more than 1,500 clients.
