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NEW YORK - FTI Consulting, Inc. (NYSE: NYSE:FCN), a global business advisory firm, has expanded its Global Insurance Services practice by appointing Maria Filipakis as Senior Managing Director within its Forensic and Litigation Consulting segment. Filipakis, who is based in New York, brings a wealth of experience from her time in government as a litigator, enforcement lawyer, and state securities bureau chief, as well as her role as a banking and insurance regulator.
Filipakis is notable for her tenure as the first Executive Deputy Superintendent of the Capital Markets Division at the New York State Department of Financial Services, where she was instrumental in the creation and implementation of pioneering regulations in cybersecurity and digital currencies.
In her new role at FTI Consulting, she will leverage her nearly two decades of experience to support clients in the financial services industry, addressing regulatory, compliance, and claims challenges, as well as risk management, due diligence, and financial analysis. Her expertise will also aid clients in navigating compliance and regulatory challenges in insurance and cybersecurity.
Wendy Shapss, Senior Managing Director and Co-Leader of the Global Insurance Services practice at FTI Consulting, emphasized the importance of Filipakis's appointment, noting the emerging risks in areas such as artificial intelligence that are impacting the insurance industry.
Prior to joining FTI Consulting, Filipakis co-founded the Topside Group, where she dealt with strategic and regulatory matters across various sectors, including securities, insurance, banking, and digital currencies. Commenting on her new role, Filipakis expressed enthusiasm for contributing to FTI Consulting's recognition as a leader in financial services, aiming to develop solutions that add value for clients.
William Perlstein, Global Segment Leader of the Forensic and Litigation Consulting segment and Vice Chair of Client Services at FTI Consulting, highlighted the business's need to reassess risk management strategies amidst a complex regulatory environment and technological advancements.
FTI Consulting serves a global clientele, offering a wide range of services to manage change, mitigate risk, and resolve disputes. The firm employs over 8,000 people across 33 countries and territories and reported revenues of $3.49 billion for the fiscal year 2023. This information is based on a press release statement from FTI Consulting.
In other recent news, FTI Consulting has made significant strides in its operations and financial performance. The company's President and CEO, Steven H. Gunby, had his employment agreement extended through June 2027, bolstering the firm's leadership stability. In addition, FTI Consulting reported a 12% increase in revenue and a 27% growth in adjusted EBITDA for Q2 2024, with earnings per share rising to $2.34, indicating a strong financial performance.
The firm has also made strategic hires, including Jeff Wray as the Senior Managing Director and Industry Growth and Strategy Leader, and Juli Saitz as a Senior Managing Director in the Dispute Advisory Services practice. These appointments are part of FTI Consulting's commitment to enhancing its service offerings and strengthening its global presence.
Furthermore, FTI Consulting updated its Code of Ethics and Business Conduct, reflecting changes in labor and human rights laws, and clarified the company’s gifts and entertainment policy. Truist Securities has upgraded its price target for FTI Consulting to $275, maintaining a Buy rating due to the company's projected growth trajectory.
Despite an expected seasonal slowdown in the fourth quarter, FTI Consulting has raised its full-year revenue and EPS guidance, indicating a positive growth trajectory. These recent developments demonstrate FTI Consulting's commitment to its growth initiatives, including strategic investments in senior talent and potential acquisitions.
InvestingPro Insights
FTI Consulting's strategic appointment of Maria Filipakis aligns well with the company's strong financial performance and market position. According to InvestingPro data, FCN's revenue growth stands at an impressive 14.72% for the last twelve months as of Q2 2024, with a robust EBITDA growth of 28.19% over the same period. This growth trajectory supports the company's expansion efforts in its Global Insurance Services practice.
The company's solid financial health is further evidenced by its operating income margin of 11.62%, indicating efficient management and strong profitability. This financial strength positions FTI Consulting well to invest in top talent like Filipakis and continue its growth strategy.
InvestingPro Tips highlight that FCN is trading at a low P/E ratio relative to its near-term earnings growth, with a PEG ratio of 0.61. This suggests that the stock may be undervalued considering its growth prospects. Additionally, the company's strong return over the last five years, as noted in another InvestingPro Tip, aligns with its consistent performance and strategic expansions like the recent appointment.
For investors interested in a deeper analysis, InvestingPro offers 8 additional tips for FCN, providing a comprehensive view of the company's financial health and market position.
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