Aon Hewitt company McLagen has acquired wealth management consultancy Scorpio Partnership.
Founded by Catherine Tillotson and Sebastian Dovey in 1998, Scorpio has extended its research and strategic wealth solutions proposition to 35 countries across the globe.
According to the firm it has surveyed more than 30,000 ultra high net worth individuals alongside professional advisers and in 2013 alone garnered the views around 10,000 millionaires and multi-millionaires to determine their requirements from financial institutions.
Under the new structure Scorpio's connections with the wealth across the world will be combined with McLagan's understanding of wealth management firm economics, productivity and pay, which the pair believe will give clients the insights they need to develop, test and improve value propositions.
'Scorpio Partnership is a recognised game-changer in the global wealth industry. Their continuous focus on evaluating the fundamentals of what the wealthy client needs next has inspired and improved wealth management companies worldwide,' McLagan partner Peter Keuls said in a statement.
The new entity will sit in the global wealth management practice with Keuls, Tillotson and Dovey forming the management team with 10 employees under their command.
The firm will continue to operate in London alongside McLagan's offices in New York, Stamford, Chicago, Geneva, Singapore, Hong Kong and London.
'The future of the global wealth industry will become increasingly dependent on the development of detailed insight and benchmarking,' Dovey said.
'Together with McLagan, our vision is to improve the ways in which wealth managers can profitably serve clients, identify revenue opportunities, manage costs, and improve the organisational efficiencies. Achieving this depends on world class insight around client needs and the business issues.'
Tillotson added: 'This is a very dynamic time for the industry as it seeks to calibrate its delivery of financial services to wealthy clients.
'When we established Scorpio Partnership our aim was to ensure the industry recognised the value in understanding the business sector and the client needs. Our aim now is to provide the industry with the optimal tools for measuring the HNW customer journey and supporting institutions in becoming more effective at growing their businesses.'