The business will become part of the global wealth management practice at McLagan that is led by Peter Keuls, who leads that part of the business. Scorpio Partnership’s two founders, Sebastian Dovey and Catherine Tillotson, alongside the team of 10 employees, will continue to operate in London. The move puts Scorpio into a business that has offices in New York, Stamford, Chicago, Geneva, Singapore, Hong Kong and London.

“The future of the global wealth industry will become increasingly dependent on the development of detailed insight and benchmarking. Together with McLagan, our vision is to improve the ways in which wealth managers can profitably service clients, identify revenue opportunities, manage costs, and improve the organisational efficiencies,” Dovey said in a statement.

A purchase price for the acquisition has not been disclosed.

Co-founder Tillotson added: “This is a very dynamic time for the industry as it seeks to calibrate its delivery of financial services to wealthy clients. When we established Scorpio Partnership our aim was to ensure the industry recognised the value in understanding the business sector and the client needs. Our aim now is to provide the industry with the optimal tools for measuring the HNW customer journey and supporting institutions in becoming more effective at growing their businesses.”

Scorpio, founded in 1998, has carried out client journey insight programmes for 40 per cent of the world’s largest private banking institutions. In 2013, it has so far surveyed more than 10,000 millionaires and multi-millionaires worldwide about what they need from financial institutions.

Scorpio’s research is regularly published and referred to by this publication, and Dovey and Tillotson have been regular speakers at events hosted by ClearView Financial Media, publisher of this news service. Dovey is also a member of this publication’s editorial advisory board.