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Grant Thornton Ventures Into Financial Services in Deal With AXA Financial NEW YORK, NOV. 16, 2000 (SmartPros) Grant Thornton, a $326 million accounting and consulting firm, has struck a deal to enter into financial services through a joint venture with AXA Advisors, a subsidiary of insurance and financial services giant AXA Financial. The firms have formed a new entity, dubbed Grant Thornton Advisors, to provide personal financial planning and financial services to the owners and senior management of middle-market, entrepreneurial companies. AXA Financial has about $400 billion in assets under management. Under the agreement, Grant Thornton and AXA Financial each own 50 percent of the firm. Grant Thornton Advisors will offer clients access to personal financial planning, estate and retirement planning services, and insurance and investment products, including products offered by Equitable Life and AXA Advisors. The company will be headquartered in the AXA Financial Center in New York City. Grant Thornton partner David H. Abramson will serve as chief executive officer and chairman. Geoffrey H. Radbill, senior vice president with AXA Client Solutions, will serve as chief operating officer. The firm's four-member board of directors includes: Abramson; Kevin R. Byrne, senior vice president and treasurer, AXA Financial; Dom Esposito, chief executive officer of Grant Thornton; and Michael S. Martin, chief executive officer, AXA Advisors. The firm will recruit experienced financial and estate planners, who will have offices in Grant Thornton's 46 U.S. locations, GT said. Capital for the deal came from the sale last month of Grant Thornton's $90-million e-Business Consulting Group, to Hitachi, Ltd. -- SmartPros News Staff Send comments to information@smartpros.com 2000, Smartpros Ltd. All Rights Reserved. |
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