(The following statement was released by the rating agency)
Jan 24 - Fitch Group today announced it has acquired 7city Learning, a leading provider of learning and development solutions for the financial services industry. Fitch is combining 7city with its Fitch Training unit to form Fitch 7city Learning, a global leader in financial training.
Paul Shaw, previously CEO of 7city, will lead Fitch 7city Learning. The financial terms of the transaction have not been disclosed.
Fitch 7city Learning will benefit from 7city’s industry-leading solutions for delivering financial services training combined with Fitch’s global presence and platform. Fitch 7city will specialise in global development and delivery of training in four key areas: regulatory and certification exam training (i.e. Chartered Financial Analyst, Certificate in Quantitative Finance); professional skills training; custom e-learning solutions for client organisations; and credit, risk and corporate finance training, which is currently provided through Fitch Training.
“7city is an innovator in promoting understanding of financial concepts and practices - something we view as core to Fitch’s role in global markets,” said Paul Taylor, President and CEO of Fitch Group. “Fitch has long believed that transparency contributes to efficient markets, but the real market value of transparency is not how much is shared but rather how much is understood. Paul Shaw and the 7city team have successfully paired a strong intellectual and practical foundation in learning with a superior sense of global customer service. We are delighted to have them as part of Fitch Group.”
“Fitch Group is an outstanding fit for 7city. Both companies are growth oriented, globally focused and committed to broadening knowledge and perspectives,” Mr. Shaw commented. “Fitch 7city has an opportunity to impact global markets in a profoundly positive way through promoting greater understanding among individuals and leading financial institutions.”
Formed in 2000 with a vision to build both time and cost-efficient solutions to support its clients’ learning and development needs, 7city is recognised by financial professionals and analysts around the world for the quality of its innovative training methods. Based in London with offices in New York, Singapore and Dubai, the company has more than 150 employees serving a broad spectrum of top-tier financial institutions, companies and organisations. 7city previously was majority-owned by Gresham Private Equity.
Fitch Group is a global leader in financial information services with operations in 36 countries. In addition to Fitch 7city Learning, the Group includes: Fitch Ratings, a global leader in credit ratings and research; and Fitch Solutions, a leading provider of credit market data, analytical tools and risk services. Fitch Group is 50% owned by Paris-based Fimalac and 50% owned by New York-based Hearst Corporation.