PriceMetrix, an industry leader in practice management analytics software today announced its acquisition by McKinsey & Company, the most respected name in management consulting.
While working in close collaboration with McKinsey’s Wealth and Asset Management Practice, PriceMetrix will retain its management team, brand, and identity. It will continue to develop and deliver SaaS analytics products, and invest in new ones. PriceMetrix’s clients will benefit from the scale and capabilities of other McKinsey solutions, and will be able to access their expertise and extensive knowledge of the financial services industry.
McKinsey’s tremendous brand is rooted in a relentless focus on delivering business impact through world-class problem solving. A global organization with 20,000 colleagues operating in over 60 countries, McKinsey brings significant advanced analytics capabilities, and a steadfast belief in the power of big data to transform organizations and fundamentally change the way leaders make decisions. And they are increasingly invested in offering leading-edge analytics solutions for their clients – ones that deliver ongoing value.
The timing of this combination comes during a very exciting time in the wealth management industry. The wealth management marketplace, both in Canada and the U.S., is becoming increasingly complex, with new channels, shifting demographics, and profound regulatory changes. The need for data driven solutions to help address these challenges is heightening. Combined, McKinsey and PriceMetrix will be perfectly positioned to help clients solve complex problems. McKinsey’s acquisition of PriceMetrix is a clear indication that ‘big data’ and analytics are becoming a vital part of today’s wealth management business strategy.
Onur Erzan, senior partner and co-leader of McKinsey’s Wealth & Asset Management Practice in the Americas, said: ‘We are delighted to welcome the PriceMetrix team to the firm. PriceMetrix is a powerful platform for wealth managers and retail broker dealers and complements our existing expertise and solutions.’
Jill Zucker, partner, and leader of the Wealth Management Practice in North America added: ‘We are so excited by this acquisition. Our joint expertise will enhance our client offering, giving clients new ways of making decisions, implementing strategies, and converting knowledge to action.’
Doug Trott, President and co-founder of PriceMetrix, said: ‘We are committed to enabling clients’ success through data and technology. Combining PriceMetrix’s data, analytics, and tools, with McKinsey’s extensive industry expertise, complementary solutions, and global reach will help wealth management firms develop and execute effective strategies.’
The transaction will bring together two experienced teams and their combined knowledge, capabilities, and proprietary intellectual capital to provide comprehensive and distinctive advice to wealth managers.