just bought a shop that consults for fundsters like you. The deal brings an Accenture alumnus back into the fold.
| John Del Santo|
Senior Managing Director of Financial Services, North America
This month John DelSanto
, senior managing director for Accenture's financial services operating group in North America, confirmed
that the New York City-based global professional services company has acquired Boston-based Beacon Consulting Group
. Beacon will become part of Accenture's capital markets practice.
The pricing and terms of the deal were not disclosed.
, president of Beacon, is a familiar face at Accenture. An alumnus of Fairfield University, Brown spent two years at Accenture (then called Andersen Consulting) in the mid-1990s. He also worked at the Boston Company and PWC before joining beacon in 1999.
| Keith Brown|
Beacon Consulting Group
DelSanto puts the deal in the context of asset management being "a large and growing industry segment" for Accenture, a segment "characterized by increasing competition and rapidly evolving industry dynamics." Brown, too, frames the deal by talking about the challenges facing mutual fund shops and other asset managers.
"Top-tier asset management firms are facing increased competition, fee pressure from investors, rapidly changing investor preferences and products and ever-increasing regulation."
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