Oliver Wyman

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This article is about the company. For the voice actor, see Oliver Wyman (actor).
Oliver Wyman
Type Subsidiary of Marsh & McLennan
Industry Management Consulting
Founded 1984; became Oliver Wyman in 2007
Headquarters 1166 Avenue of the Americas
New York City, U.S.
Key people Scott McDonald (CEO)
Services Management Consulting
Revenue US$ 1.35 Billion in 2010
Employees 3000 employees
Website www.oliverwyman.com

Oliver Wyman is an international management consulting firm. Founded in 1984, the firm adopted its current form in May 2007, when Mercer Oliver Wyman joined with Mercer Management Consulting and Mercer Delta to become one firm named Oliver Wyman. Oliver Wyman is headquartered in New York City with 50+ offices in Americas, Europe and Asia Pacific and employs over 3,000 professionals. It is part of the Oliver Wyman Group, which is a business unit of Marsh & McLennan.


History[edit]

Oliver Wyman was formed in May 2007 through the combination of three global consulting businesses :

  • Mercer Oliver Wyman: specialized in Banks, insurance and Financial Services
  • Mercer Management Consulting: management consulting firm for industry and services
  • Mercer Delta: expert in organizational transformation, board effectiveness and CEO leadership development

Marsh & McLennan Companies (MMC) is the parent company of Oliver Wyman.[1]

In 1984, Oliver, Wyman & Company was founded by Alex Oliver and Bill Wyman - former partners from Booz Allen Hamilton. From 1984 to 1995, Christopher Meyer was Vice President and Group Head at Mercer Management Consulting. In 2003, Oliver, Wyman & Company was bought by MMC and became part of its Mercer Consulting businesses under the name Mercer Oliver Wyman.

Mercer Management Consulting was formed through the combination of Temple, Barker & Sloane, which was founded in Boston in 1970 and acquired by MMC in 1987, and Strategic Planning Associates, which was founded in Washington, D.C. in 1972 and acquired by MMC in 1990. The two companies merged in 1990 as Temple, Barker & Sloane/Strategic Planning Associates, which was renamed Mercer Management Consulting in 1992.

Mercer Delta was founded in New York in 1980 by David Nadler as Delta Consulting and was acquired by MMC in 2000.

In recent years, Oliver Wyman has been growing rapidly both organically and through acquisitions. In 2008, it acquired several consulting firms, including: ChapterHouse, Academee(UK), Hemeria(France), Celent, and Harbour Consulting.

Oliver Wyman Group[edit]

Oliver Wyman is part of Oliver Wyman Group which also includes:

  • NERA Economic Consulting founded in 1961 as National Economic Research Associates by the American economists Irwin Stelzer and Jules Joskow[2]
  • Lippincott (brand, image and identity consulting) founded in 1943 by the engineer J. Gordon Lippincott and architect Walter Margulies[3]

Controversies[edit]

It was reported that Oliver Wyman was the unnamed consulting firm that in 2005 recommended to Citigroup's "senior-most management" to expand parts of its fixed income business, including in collateralised debt obligations (CDO), which led to more than US$50 billion in losses and ultimately a rescue by the U.S. government.[4] However, "people familiar with the analysis provided to Citi say it included ample warnings about the risks of diving into the structured product market, as well as other precautions that should be considered".[5] At that time, Citigroup was led by Chuck Prince, a lawyer who had served as its general counsel and was described as having "relatively limited capital markets experience".[4]

Citigroup was reportedly not the only bank that raised its exposure to CDO based on the advice of external consultants. It has been reported that UBS, based partly on a strategic review of fixed income business by Oliver Wyman, identified large growth potential in structured credit and securitized products and consequently expanded its exposure in these areas. UBS suffered heavy losses subsequently and had to be bailed out by the Swiss government.[5][6]

Oliver Wyman in 2007 named Anglo Irish Bank as the best-performing bank in the world over the prior five years in a piece of research published to coincide with the World Economic Forum in Davos, Switzerland.[7][8] The next year the Irish Government was forced to nationalise the Bank at a cost of €25 billion.[9][10][11]

Publications[edit]

State of the Financial Services Industry 2014[12]

This publication, the 17th edition, focused on the growth challenge for the financial services industry and listed blind spots that could impede the industry’s recovery.

Oliver Wyman Risk Journal, Volume 3[13]

This publication studies emerging global risks and highlights those developing into pressing threats.

Volume-to-Value Revolution[14]

This report depicts the current state of the healthcare industry and describes how the health marketplace will be redesigned from the patient’s perspective.

State of the Communications, Media and Technology Industry 2012[15]

This 2012 report combines financial analysis of sector trends with the results of a survey of more than 500 CMT executives.

Global Risks 2013: World Energy Trilemma[16]

The report describes what senior energy industry executives believe they need from policymakers to advance sustainable energy system.

Non-profit partnerships[edit]

Oliver Wyman Group partners with non-profit organizations that work to improve the lives of people in the developing world through microfinance, healthcare, and education. Alliances with non-profits include:

  • Kiva.org - the person-to-person microlending website
  • Acumen Fund – a global venture fund that uses entrepreneurial approaches to solve the problems of global poverty
  • Room to Read – an international non-profit organization devoted to breaking the poverty cycle by providing educational resources and opportunities to underprivileged children in the developing world
  • Women's World Banking – a global network of 54 microfinance providers and banks, working in 30 countries to bring financial services to poor women entrepreneurs to enable them to grow their businesses and lift their families out of poverty

Notable alumni[edit]

References[edit]

  1. ^ Treaster, Joseph B. "Trying to Find the Upside After a Scandal", The New York Times, May 23, 2007. Accessed October 21, 2007. "The Marsh & McLennan umbrella includes a number of big names in financial services, from the signature Marsh insurance division to Mercer Human Resource Consulting to Oliver Wyman, a leader in general business consulting, and Kroll, which advises on security and corporate intelligence. None of the other insurance brokers can match Marsh & McLennan with these broader resources, analysts say."
  2. ^ Singer, Penny (19 January 1986). "The Expert Witness: Economists Turn Data into Testimony". New York Times. Retrieved 22 March 2014.
  3. ^ Kaufman, Michael T. (7 May 1998). "J. Gordon Lippincott, 89, Dies; Pioneer Design Consultant". New York Times. Retrieved 22 March 2014.
  4. ^ a b Francesco Guerrera and James Politi (2010-04-07). "Citi took outside advice on securities". The Financial Times. Retrieved 2010-04-08. 
  5. ^ a b Megan Murphy, Justin Baer and Brooke Masters (2010-04-08). "Spotlight falls on role of consultancies". The Financial Times. Retrieved 2010-04-08. 
  6. ^ David Gow (2008-10-16). "Switzerland unveils bank bail-out plan". The Guardian. 
  7. ^ "The Sunday Business Post". Thepost.ie. Retrieved 2013-12-05. 
  8. ^ [1][dead link]
  9. ^ "The cost of Anglo Irish Bank". The Irish Times. 2010-08-08. 
  10. ^ "The Sunday Business Post". Thepost.ie. Retrieved 2013-12-05. 
  11. ^ Mc Williams David, Follow the Money, Page 134,Gill & Macmillan Ltd 2010, ISBN 978-0-7171-4807-3
  12. ^ "The Challenges Ahead". Oliverwyman.com. Retrieved 2014-02-13. 
  13. ^ "Risk Journal : Volume 3". Oliverwyman.com. Retrieved 2013-12-05. 
  14. ^ "The Volume-to-Value Revolution". Oliverwyman.com. Retrieved 2013-12-05. 
  15. ^ "Painting thr Bigger Picture : An Industry Being Reshaped". Oliverwyman.com. Retrieved 2013-12-05. 
  16. ^ "World Energy Trilemma : time to get real - the case for sustainable energy investment". Oliverwyman.com. Retrieved 2013-12-05. 
  17. ^ [2][dead link]
  18. ^ "ConsultingMag.com". ConsultingMag.com. Retrieved 2012-07-17. 
  19. ^ "Work – Chris Meyer :Future Agenda – A Global Debate". Futureagenda.org. Retrieved 2012-07-17. 
  20. ^ "Obama's Big Gov SWAT Team". Businessweek. 2009-11-25. Retrieved 2012-07-17. 

External links[edit]