Arthur J. Gallagher & Co. has announced the acquisition of Independent Fiduciary Services, Inc., headquartered in Washington, D.C. Terms of the transaction were not disclosed.
Originally founded in 1986, Independent Fiduciary Services, Inc. (IFS) is an institutional investment advisory firm providing ongoing and project-based investment consulting as well as fiduciary decision-making services to the firm's pension, welfare and other institutional investor clients throughout the United States. The firm's clients span ERISA funds, including both Taft-Hartley and corporate plans, as well as public pension plans and other institutional investors. Francis Lilly, Samuel Halpern and their staff will continue to operate from their current Washington, D.C., and Newark, New Jersey locations under the direction of Michael J. DiCenso, President of GBS Investment Consulting, LLC, a division of Arthur J. Gallagher & Co.'s employee benefit consulting and insurance brokerage operations.
"IFS is well-known in the investment community for their objective and independent advice which has played a major part in their success. The firm's visibility and distinctive services in the industry also supports business development which is evidenced by their years of consistent growth," said J. Patrick Gallagher, Jr., Chairman, President and CEO. "Their investment consulting specialization makes them a terrific complement to our employee benefit operation's retirement services practice. We are pleased to welcome Frank, Skip and their associates to our growing Gallagher family of professionals."
Arthur J. Gallagher & Co., an international insurance brokerage and risk management services firm, is headquartered in Itasca, Illinois, has operations in 16 countries and does business in more than 110 countries around the world through a network of correspondent brokers and consultants.