Deloitte has moved to expand its superannuation and wealth management advisory business, with the acquisition of financial services consultancy Rice Warner.
In the 34 years since it was established, Rice Warner has grown to become one of the largest independent actuarial firms in Australia.
The deal will see Rice Warner’s team of 26 join Deloitte, as well as add to the giant’s existing advisory offerings across super, including merger assistance, actuarial (financial modelling and defined benefits) and benchmarking, as well as in life insurance, public policy, market research, analytics and fintech.
Rice Warner chief executive Andrew Boal, head of superannuation Stephen Freeborn and executive general manager of insurance, Jennifer Baxter will become Deloitte Consulting partners. The company’s founder Michael Rice will also join Deloitte in a consulting capacity.
“This is an exciting new chapter in Rice Warner’s history,” Mr Boal said.
Ellen Derrick, Deloitte Australia managing partner, consulting, commented: “Rice Warner has deep sector expertise and relationships, and highly valued public policy and research capabilities that will really complement Deloitte’s existing market presence.”
Adam Powick, managing partner, consulting for Deloitte Asia Pacific added the transaction will boost Deloitte’s actuarial capability across the region.
The Rice Warner team will formally join Deloitte on 1 May.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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