A press release said the acquisition will allow GBS IC to broaden and enhance the expertise of its services, and greatly increase its professional staff and assets under advisement. IFS will likewise deepen its resources, broaden its range of expertise, and reinforce the continuity of its business, according to the announcement.
For nearly twenty-five years, IFS has offered investment consulting to institutional investors, especially employee benefit plans in both the private and public sectors, and acted as a special purpose ‘independent fiduciary’ to assist pension, 401(k) and welfare funds that encounter a conflict of interest. IFS senior management and their staff will continue to operate from their current Washington, D.C., and Newark locations as part of GBS IC.
“The addition of Independent Fiduciary Services to GBS Investment Consulting, LLC deepens our client value proposition of managing and mitigating fiduciary risk,” said Michael DiCenso, President, GBS Investment Consulting, LLC, in the announcement. “The expertise and experience of the IFS team in the areas of fiduciary decision making, Taft Hartley and public funds complements and expands the services GBS Investment Consulting already provides to its healthcare, religious, foundation and endowment clients.”