Deloitte Australia has announced the acquisition of a wealth and investment management company, set to be completed in September 2016.
Wealth and investment firm Morse Consulting, established in 2005, will join Deloitte Australia in September.
Deloitte Australia's national investment and wealth management leader, Neil Brown, said Morse Consulting will support Deloitte to take advantage of the growing wealth sector in Australia.
“The wealth sector will continue to be a driver of economic growth for Australia, as highlighted in the Deloitte Building the Lucky Country series research Positioning for Prosperity, which predicts Australia’s current asset pool of just over $2 trillion will double by 2025,” he said.
The sector is expected to exceed the size of the banking industry by 2035, and this growth “presented a real opportunity for Australia”, said Mr Brown.
The partnership between the two businesses will allow Deloitte “to provide end-to-end capability, from strategy formulation, operating model design, implementation services, risk management and governance”.
Morse Consulting joint-founder Philip Hope said Deloitte offered Morse the opportunity to expand the scope of the firm's capabilities.
“As our clients become bigger and more complex, their needs are expanding. To meet this market shift we’ve been considering how we can best scale and broaden the services we offer without compromising on quality,” he said.
Deloitte chief executive Cindy Hook added that Morse Consulting’s fields of expertise and “market-leading reputation” would be key to Deloitte's maintaining its market position in the investment and wealth management sectors.
“This is such an exciting time for investment and wealth management in Australia as the potentially $4 trillion sector becomes more complex, more global, and organisations are more in need of specialised expertise to navigate and succeed in the market,” Ms Hook said.