A management consulting firm specializing in strategy.
We have served financial services and technology companies since 2009, both directly and as an advisor to McKinsey & Company. Our clients have included banks, broker-dealers, exchange groups, investment managers, data and information companies, fintech and AI start-ups.
We help senior executives at large public companies formulate business strategy across banking, capital markets, investment and wealth management. The work encompasses multiple dimensions, including but not limited to competitive positioning, organization and governance, business portfolio mix and growth opportunities, product strategy, operating effectiveness, and risk management. We work with private ventures in an advisory or board capacity, and may invest as we go.
We've shared some of the public work as white papers and shorter insights.
Business model and coverage
Strategies for client coverage across multiple products; product mix and value proposition; risk management, organizational effectiveness.
Securities finance and prime brokerage
Collateral, repo, delta-one and the risks that pervade any business lending against securities.
Where the exposure actually sits
Unsecured credit exposure in financing transactions, and the practices that contain it before revenue targets override them.
Operating strategy
Streamlining the trade lifecycle, market structure change, and the technology decisions that follow from both.
Insights
Shorter than a paper: a reading of something that just happened, or an argument not yet worth twelve pages.
Publications
All publicationsMore than three dozen best practices for banks and broker-dealers engaged in securities finance and delta-one derivatives — a roadmap to a robust business model, and a toolkit to diagnose existing practices.
Research priced and managed as a business in its own right, rather than as a cost of distribution.
Where distributed ledgers change market structure, and where they do not.
What separates the economics of one equities franchise from another.