NEW YORK – Novantas LLC today announced the acquisition of Portfolio Management Associates, Inc., a New York-based credit management consulting firm that provides risk management and analytic services to the financial industries. The combined entity will be headquartered in New York City, and operate under the Novantas brand name.
“PMA will significantly expand the consumer credit capabilities that we offer to our core banking clientele,” said Dave Kaytes, Managing Partner at Novantas. “This deal continues to advance our positioning as the leading consulting and solutions company focused on banking industry issues.”
Alan Schiffres, a Managing Director at Portfolio Management Associates, said “Novantas expertise is a natural fit with PMA, especially in areas such as pricing and customer-based strategies.” He added that both firms have a strong tradition in decision analytics, both with markets and customers, “which combined will provide an unparalleled suite of capabilities for clients of the merged company.”
As of 2011, PMA staff will join Novantas and PMA Principals Alan Schiffres, Donald Kumka, and Rich Taverna will join Novantas as Partners.
Novantas is the acknowledged leader in customer science and revenue strategy in the financial services industry. The Firm specializes in investigating and interpreting customer needs, attitudes and behaviors in ways that help companies to refine marketing decisions, customer strategies, and sales and service activities.
PMA was founded in 1983 and is at the forefront of credit policy formulation and profit-based analytics, helping lenders improve their portfolio profitability. The Firm provides four major types of consulting services, including portfolio tracking capabilities; credit scoring systems and decision support tools; end-to-end portfolio development and management; and custom loan-loss forecasting services.