Deloitte has acquired independent actuarial firm Rice Warner as it looks to expand its superannuation and wealth management advisory business.
Deloitte acquires Rice Warner
Rice Warner, established in 1987 by leading actuary Michael Rice, will now see its 26-strong Sydney-based team join Deloitte on 1 May.
The firm’s chief executive, Andrew Boal, together with head of superannuation Stephen Freeborn and executive general manager insurance Jennifer Baxter, will become Deloitte consulting partners.
Mr Rice, who stepped down as CEO in 2019 but continues to be an executive director at Rice Warner, will also join Deloitte in a consulting capacity.
The terms of the transaction have not been disclosed.
Deloitte Asia-Pacific managing partner Adam Powick said the acquisition of Rice Warner would see it become the “pre-eminent superannuation and wealth management advisers in Australia”, while Deloitte consulting managing partner Ellen Derrick said the deal would bolster its current advisory offerings.
“Advisory services across super, insurance and wealth management are highly specialised. 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,” Ms Derrick said.
“This combination will allow us to become the leading adviser to sectors that are so important to Australia’s economy, to businesses and families, and to the country’s future.”
Mr Rice said he was proud to see the firm build an “unrivalled reputation” as a leading superannuation consultancy and research firm and was looking forward to the next phase of its journey under Deloitte.
“Over the last three decades, our incredibly talented team across the business has helped our clients navigate an increasingly challenging environment. We have facilitated numerous successful fund mergers, and are a versatile business with strengths in areas as diverse as group insurance, financial advice and retirement,” Mr Rice said.
“I am proud of what we have all achieved, and am pleased that the team will stay together and flourish as part of Deloitte.”