US - LJ Group and the senior management team of Deloitte Investment and Pension Consulting (IPC) have completed the management buyout of the business from Deloitte Private Client Services.
The completion of the transaction will lead to the formation of LJ Athene Investment Advisors. The newly formed company, will be owned by the existing IPC management team led by chief investment officer Neil Beaton and LJ Group, the boutique merchant banking group whose shareholders include the founders of Guggenheim Investment Advisors (Suisse). The existing directors of the IPC business will become Board members of LJ Athene Investment Advisors together with new members from LJ Group.
Beaton said: "I am very excited about this transaction because by setting up as an independent investment advisory business we can continue to look after and advise our clients in the manner that is most appropriate to their particular circumstances. Furthermore, the benefit of having LJ Group as a significant shareholder will provide strength to our business and comfort to our clients,"
"We are delighted that LJ Group will be a significant shareholder in LJ Athene Investment Advisors," LJ Group and Guggenheim Investment Advisors founder Pablo Stalman said.
"The respective strengths of our businesses and shared values of integrity and sustainability are clearly aligned through our independence. We look forward to building on this foundation to bring significant value to our clients."
Andrew Hodge, managing partner for the tax practice at Deloitte, added: "The agreement reached between Deloitte and LJ Athene Investment Advisors provides strategic advantages to both parties, paving the way for the IPC team to establish a standalone and more flexible business while enabling Deloitte to continue to expand our personal tax expertise and focus on our ambition to be the market leader in this area. We wish Neil Beaton and his team every success in the future."
Partner Insight: Members' evolving needs and expectations are driving changes in scheme administration. As the pensions landscape inevitably continues to change, how will your scheme's approach need to develop to keep pace?
The Pensions Regulator (TPR) is "working closely" with government contractor Interserve and the trustees of its defined benefit (DB) pension schemes, it has confirmed.
The industry has welcomed the Department for Work and Pensions' (DWP) consultation on defined benefit (DB) consolidation as a way to address scheme covenant issues.
BMO Global Asset Management has opened a UK fiduciary management business, promising a "truly open architecture" approach to deliver "better client outcomes".