NEW YORK, July 19 /PRNewswire/ -- Deloitte and Aspiriant today announced they have entered into a definitive agreement under which Aspiriant Investment Advisors, a subsidiary of Aspiriant, a leading independent wealth management firm, will acquire Deloitte Investment Advisors LLC (DIA), a fee-only registered investment advisory group owned by Deloitte Tax LLP. The transaction is expected to close in September 2010, subject to customary approvals and closing conditions. Terms of the agreement were not disclosed.
DIA commenced operations in 1998 and is comprised of approximately 40 professionals. The group provides investment advisory services to individual and institutional investors and currently has approximately $2.9 billion in assets under advisement for more than 450 clients.
After a review of strategic opportunities for the business and an analysis of regulatory considerations, Deloitte Tax concluded that divesting DIA provided the best opportunity for the group's future growth.
"We determined that divesting Deloitte Investment Advisors is in the best interest of DIA, our professionals and our clients," said Chet Wood, chairman and chief executive officer of Deloitte Tax LLP. "As part of the Aspiriant organization, the business will have greater latitude for growth through offering additional services and pursuing its own marketplace interests."
"This acquisition is another step in our long-term growth strategy to ensure that Aspiriant remains a leading independent wealth management firm that is well-positioned to serve the needs of wealthy families for generations to come," said Rob Francais, chief executive officer of Aspiriant. "The employees at Aspiriant and DIA share the same high standards and values; we are truly cut from the same cloth, and we welcome this exceptionally skilled team to Aspiriant."
Once the transaction is completed, Aspiriant will serve approximately 800 clients through eight offices in the U.S., and have more than $7 billion in assets under management and advisement.
"We are confident that our expanded team and geography will enable us to deliver additional benefits to clients through a broader range of investment and financial planning services, as well as increased depth of management and investment talent," Francais added.
As used in this document, "Deloitte" means Deloitte Tax LLP and Deloitte Services LP, separate subsidiaries of Deloitte LLP. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
Aspiriant is the leading independent wealth management firm in the U.S., with more than $4 billion of assets under management. It provides a full-range of wealth management services for some 400 individual and family office clients throughout the country and has 75 employees in offices in San Francisco and Los Angeles. Unlike many other wealth-management firms, Aspiriant is 100 percent owned by key employees, with 30 equity partners in all, which ensures its long-term stability and independence.
SOURCE Deloitte Tax LLP