NEW YORK – Novantas LLC announced today that it has acquired Wallace & Mckenzie, Inc. a Darien, Connecticut based management consultancy specializing in Wealth Management for financial institutions.
The emphasis of both firms is on harnessing customer knowledge to improve business line growth and profitability. By investigating customer behaviors, preferences and attitudes in a scientific way, Novantas and W&M help banks to refine decisions, strategies and customer-facing activities to take best advantage of market demand.
Novantas is a pioneer in applying customer sciences disciplines in areas such as pricing, product design, customer segmentation, distribution and customer profitability management. Along with consulting services, Novantas also provides computer-based services that support important marketing applications in pricing and other marketing functions.
W&M has provided industry leadership in the area of helping wealth management companies develop market winning strategies and products. In recent years, many banks have turned to W&M to improve the operations and client management capabilities of their Wealth divisions. W&M’s CEO, Alistair Jessiman, is a recognized leader in the field, and led domestic and international wealth management units at J.P. Morgan prior to joining Novantas.
The two firms said the importance of the Wealth Management segment in banking, coupled with their complementary capabilities provided a compelling rationale for merging.
“We are delighted to bring Wallace & Mckenzie into the Novantas group and provide our clients with the best advice and services in Wealth Management. W&M shares our dedication to client service and expands our suite of offerings into a key growth area for banks” said Dave Kaytes, Managing Director of Novantas.
“Wallace & McKenzie and Novantas are ideal for each other. I’m delighted to combine our companies to better serve the needs of this growing business line in banking,” said Alistair Jessiman, CEO of Wallace & Mckenzie.
About Novantas: Novantas brings science to service. As a management consulting firm, Novantas is dedicated to helping clients increase shareholder value through customer-centric business strategies. Novantas also delivers software and information tools that use proprietary data, proven algorithms, and advanced techniques to optimize marketing functions such as price-setting and negotiation; phone-based cross-sell, acquisition and retention; market growth forecasting; and customer profitability improvement.
About Wallace & Mckenzie: W&M helps financial services clients improve their wealth management division operations by refining business strategies, optimizing product design, improving pricing, and streamlining operations. The company has served clients from the largest global investment firms, through small RIA offices.
Financial details were not disclosed. The companies will consolidate operations in Novantas’s office at 100 Park Avenue, New York, NY 10017.