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Administration January 2, 2001
InvestorForce Sheds Consulting Practice
February 1, 2001 (PLANSPONSOR.com) - Internet firm
InvestorForce has decided to sell the consulting practice it
bought just 11 months ago.
Reported by editors@plansponsor.com
The acquisition of Los Angeles-based Asset Strategy Consulting was touted by InvestorForce last February as a way to leverage the consultant group’s experience in working with institutional investors.
Today InvestorForce said it would divest “what remains of its consulting business” to an independent firm called Angeles Investment Advisors, LLC, based in the Los Angeles area.
The firm will reportedly be wholly owned by three principals that were formerly partners at Asset Strategy. The new firm does intend to use the InvestorForce RFP platform going forward.
InvestorForce said that it had “retained a handful of consulting relationships” as a result of its acquisition of Asset Strategy Consulting early last year. At that time, Asset Strategy reportedly advised institutional clients with more than $150 billion in assets.
InvestorForce Chairman Frank Minard said the move will allow the firm to focus on its core competencies, noting in a press release that “…we are a technology company, we are not in the advice giving business.’
InvestorForce did not indicate how many of its employees will move to Angeles Investment Advisors. At the time of the acquisition last year, ASC had more than 50 employees.
– Nevin Adams editors@plansponsor.com