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PriceMetrix Inc. of Toronto, a developer of practice-management analytics software for wealth-management firms and financial advisors, has been acquired by global consulting giant McKinsey & Co.

PriceMetrix will work closely with McKinsey’s Wealth and Asset Management Practice while retaining its own management team, brand and identity. PriceMetrix’s clients will now benefit from the scale and capabilities of other McKinsey solutions, says Doug Trott, president of Pricemetrix, in a release. And they will be able to access McKinsey’s broad expertise in the financial services sector.

“We are committed to enabling clients’ success through data and technology,” Trott says. “Combining PriceMetrix’s data, analytics and tools with McKinsey’s extensive industry expertise, complementary solutions and global reach will help wealth-management firms develop and execute effective strategies.”

The wealth-management marketplace is becoming increasingly complex, with new channels, shifting demographics and profound regulatory changes. Trott says the need for data-driven solutions is rising, and the transaction will bring together two experienced teams and their combined knowledge and capabilities to provide comprehensive advice to wealth managers.

McKinsey is a global organization with 20,000 people operating in more than 60 countries.

PriceMetrix is a developer of software products for wealth-management firms in Canada and the U.S. It has been serving a range of retail wealth-management firms since 2000.

“Our joint expertise will enhance our client offering, giving clients new ways of making decisions, implementing strategies and converting knowledge to action,” says Jill Zucker, partner and leader of McKinsey’s wealth-management practice in North America.

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