Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
Thistle Initiatives acquired management consultancy TORI Global The London-based compliance consultant goes further in digital transformation and wider management consultancy for financial services clients.
The deal combines two independent consultancies serving banks, asset managers, insurers, payments firms, fintechs and other financial institutions, creating a group with more than 140 employees across the UK, Ireland, US and Asia-Pacific, the companies said.
Financial terms were not disclosed.
Founded in 2012, Thistle Initiatives has built its business around compliance, regulatory advice and financial crime prevention, working with more than 1,000 clients including banks, asset management firms, insurers, payment providers, fintechs and digital asset companies.
Headquartered in London but also operating in Ireland and New York, TORI Global has spent the last two decades focusing on management consulting and has completed more than 1,000 engagements for more than 200 financial services organisations.
This acquisition comes shortly after Thistle appointed Scott Friedrichs as managing director, with a mandate to expand the firm beyond its traditional compliance consulting roots and deepen its presence in management consulting in the financial services sector.
“We are delighted to confirm the acquisition of TORI Global and welcome its outstanding team to our organization,” Friedrichs said in a statement.
It said the transaction would strengthen Thistle’s digital transformation division and support its ambition to build a larger advisory platform for financial services clients.
The merged group seeks to position itself as a broader alternative to larger advisory firms at a time when financial institutions are grappling with regulations, technology upgrades and business model changes.
TORI offers capabilities covering project and program management, benchmarking, management information services, vendor management, change management, business process redesign and ad hoc management, as well as data, digital and AI transformation.
Martin Harvey, managing director of TORI Global, said the firm was established as an alternative to the “Big Four” in financial services consultancy and the merger with Thistle would expand its ability to advise clients on innovation, operations, resilience and compliance.
Both businesses will now operate under the Thistle Initiatives brand, completing a deal that expands Thistle’s reach from compliance-focused consultancy work to larger-scale transformation programs for financial services firms.
The acquisition reflects a wider trend in financial services consultancy where specialist firms are looking to offer a more integrated suite of services as banks, insurers and fintechs face overlapping pressures from regulation, operational flexibility, cost control and digital modernisation.
