London-based independent financial services consultancy Thistle Initiatives has acquired management consultancy TORI Global for an undisclosed fee. The acquisition sees two of the City’s most established independent consultancies integrate to form a premier digital transformation and advisory services hub for the financial services sector.
Thistle Initiatives is a London-based financial services and compliance consultancy founded in 2012. With more than 70 employees, the business has supported over 1,000 banks, wealth management, investment and advice firms, insurers, payment providers, fintech, and digital assets firms.
Headquartered in London with additional offices in Ireland and New York, meanwhile, TORI Global operates across the UK, North America, and APAC. Over the past 20 years, the firm has completed more than 1,000 engagements for a client base exceeding 200 financial services organisations.
The acquisition of TORI by Thistle reinforces the latter’s commitment to “providing comprehensive, expert solutions for financial services institutions navigating complex industry shifts”, a release from the firm explained. This follows on from the recent appointment of new CEO Scott Friedrichs, who has been given a mandate to broaden Thistle’s expansion from compliance consulting, to management consulting across the financial services sector.
“We are very pleased to confirm the acquisition of TORI Global and to welcome their outstanding team to our organisation,” continued Friedrichs. “This strategic move significantly enhances our digital transformation division and advances our ambition to build a leading centre of expertise for the financial services sector. By combining TORI’s capabilities with our long established strengths in compliance and financial crime prevention, we are positioned to deliver even greater impact for clients and support large scale digital transformation across both scaling and enterprise financial institutions.”
TORI’s capabilities in data, digital and AI transformation mean its services also span project and programme management, benchmarking, management information services, vendor management, change management, business process redesign, and interim management. But as well as expanding Thistle’s offering, the deal also offers TORI opportunities to reach top clients in the financial services sector – with the combined firm’s headcount standing at more than 140 experts.
“TORI was created to be a credible alternative to ‘the Big Four’ within financial services,” said Martin Harvey, TORI Global CEO. “To be a transformational consultancy that delivers excellence and a carefully curated approach to each client and each project. Thistle has a similar ethos and ambition, and as our team integrates within Thistle’s advisory powerhouse, this will boost the ability to advise financial services firms across the full range of innovation, operations, resilience and compliance challenges.”
Both firms will now merge under the Thistle Initiatives brand.
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