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RKL buys risk management firm, creates new subsidiary

Edward Monborne is the CEO of Reinsel Kuntz Lesher LLP, which acquired GTM Risk Management effective Oct. 1. The new subsidiary will operate as RKL Risk Management LLC. - (Photo / File)

A central Pennsylvania financial services company is expanding its reach in the banking industry.

Reinsel Kuntz Lesher LLP acquired Radnor-based GTM Risk Management effective Oct. 1, the company announced today. The new subsidiary will operate as RKL Risk Management LLC.

The move was a natural one for RKL, which already offered risk management services to private companies and, to some extent, credit unions, said CEO Edward Monborne.

“We’re ecstatic,” he said of bringing on GTM’s talent and clients.

Risk management has long been part of the menu offered by RKL, which also provides audit, accounting, tax and other consulting services.

RKL has had risk management as a kind of a la carte option for its clients for about 20 years, but the company formalized its offerings about two years ago, Monborne said.

As banks and credit unions face increased regulations, the demand for these types of services is growing. The acquisition allowed RKL to take on 29 financial institutions previously served by GTM.

“It was a great opportunity for us to expand what we had,” Monborne said.

Most of GTM’s staff – about seven people – joined RKL’s roughly 360-person team as part of the acquisition. RKL also hired two additional staff members and is looking to bring on two more.

The new subsidiary will remain at 150 N. Radnor-Chester Road in Radnor but has relocated to a different suite in the building.

Jennifer Wentz
Jennifer Wentz covers Lancaster County, York County, financial services, taxation and legal services. Have a tip or question for her? Email her at [email protected].

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