WASHINGTON Promontory Financial Group has purchased the consulting arm of Raj Date's firm, Fenway Summer.
Promontory said Wednesday that it acquired FS Advisory from Date, who founded the consulting practice along with Fenway Summer in 2013 after leaving the Consumer Financial Protection Bureau as deputy director. Date will now act as a senior adviser to Promontory.
"Raj Date and his team bring expertise and perspective that will further accelerate the growth in our consumer protection practice and help our clients adapt and thrive in a market characterized by change and disruption," said Linda Gallagher, the global head of Promontory's consumer protection practice, in a press release.
Promontory, which was founded by former Comptroller of the Currency Eugene Ludwig, is known for hiring regulators and Fenway's advisory practice fits that bill.
Date will also continue as managing partner of Fenway Summer and chairman of the investment committee of Fenway Summer Ventures which have grown exponentially in just two years. The firm is largely known for being among the first investor groups to enter the non-qualified mortgage space. But Fenway has also started a small-dollar credit card venture and invested in more than a dozen consumer finance and payments companies.
"As we've grown, our clients have looked to us to help them across an expanding range of issues," said Date in the press release. "Promontory's outstanding professional team provides a natural fit, and I am excited about the combined opportunities for our practice and for our clients."