Key Takeaways
- • F2 Strategy, a business and digital transformation services firm for the wealth and asset management industries, acquired HBMJ Consulting LLC, a boutique New York metro-area consultancy serving hedge funds, hybrid funds and private credit firms, according to a Business Wire announcement dated October 15, 2025.
- • The deal is F2's fifth acquisition since Renovus Capital Partners took a majority investment in June 2023, and follows its purchase of Aliter Investment Services earlier in 2025.
- • F2 is building a unified asset management vertical by combining Aliter's pooled investment servicing expertise with HBMJ's hedge fund operations and accounting capabilities.
- • HBMJ's 18-member team, founded in 2004 by Dan Hunter, will remain in place as the firm integrates into F2.
Summary
F2 Strategy ("F2"), described as a leading business and digital transformation services firm to the global wealth and asset management industries, has acquired HBMJ Consulting LLC ("HBMJ"), according to a Business Wire release issued from Chicago. HBMJ is a boutique consulting firm based in the New York City metro area that specializes in operational scalability, data intelligence and technology transformation for hedge funds, hybrid funds, private credit and other alternative investment firms seeking to institutionalize their back offices. The financial terms of the transaction were not disclosed.
The acquisition follows F2's purchase of Aliter Investment Services earlier this year and is presented by the firm as the next step in its growth plan. F2 said combining Aliter's pooled investment servicing expertise with HBMJ's capabilities in hedge fund operations and accounting will allow it to deliver comprehensive solutions across the alternative investment sector. HBMJ, founded in 2004 by Dan Hunter, offers system implementation and integration, data and reporting transformation, workflow automation and tactical execution support, with particular depth in portfolio and partnership accounting platforms and complex fund structures.
Doug Fritz, co-founder and executive chairman of F2 Strategy, said HBMJ fills for hedge funds the same role F2 plays for wealth management firms. Hunter said joining F2 offered the scale, resources and shared vision needed to unlock HBMJ's next stage of growth, and described the combination as a defining moment for the team. The 18-member HBMJ team, including Delivery Head Nathan Morey, Director of Technology Solutions CJ Lin and Business Development Officer Lena Friedman, will remain in place.
The transaction extends F2's strategy of vertical specialization and horizontal expansion. The release notes that F2 has made five acquisitions since Renovus Capital Partners, a lower middle-market private equity firm with over $2 billion in assets under management, made a majority investment in June 2023. Prior deals include Oakbrook Solutions, SKY Marketing, MD Solutions and Aliter.
The acquisition follows F2's purchase of Aliter Investment Services earlier this year and is presented by the firm as the next step in its growth plan. F2 said combining Aliter's pooled investment servicing expertise with HBMJ's capabilities in hedge fund operations and accounting will allow it to deliver comprehensive solutions across the alternative investment sector. HBMJ, founded in 2004 by Dan Hunter, offers system implementation and integration, data and reporting transformation, workflow automation and tactical execution support, with particular depth in portfolio and partnership accounting platforms and complex fund structures.
Doug Fritz, co-founder and executive chairman of F2 Strategy, said HBMJ fills for hedge funds the same role F2 plays for wealth management firms. Hunter said joining F2 offered the scale, resources and shared vision needed to unlock HBMJ's next stage of growth, and described the combination as a defining moment for the team. The 18-member HBMJ team, including Delivery Head Nathan Morey, Director of Technology Solutions CJ Lin and Business Development Officer Lena Friedman, will remain in place.
The transaction extends F2's strategy of vertical specialization and horizontal expansion. The release notes that F2 has made five acquisitions since Renovus Capital Partners, a lower middle-market private equity firm with over $2 billion in assets under management, made a majority investment in June 2023. Prior deals include Oakbrook Solutions, SKY Marketing, MD Solutions and Aliter.
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