During the depths of the Great Depression in 1932, William Duff and George Phelps saw an opportunity. While most businesses were failing, they recognized that institutional investors desperately needed high-quality, objective research on utility companies. Their timing was perfect; portfolio managers were seeking insights to steer toward reliable returns and away from outsized risks.
But Duff & Phelps didn't just survive the Depression, they defined modern valuation methodology. Their research became the gold standard for institutional investors, shaping how utility companies and industrial firms were analyzed and valued. By the 1960s, their credit ratings influenced billions in capital allocation.
As America transitioned from war economy to post-war boom, the firm evolved with it. The 1970s stagflation era demanded new sophistication, and in 1979, Duff & Phelps Investment Management Co. was formed. The transformation from pure research firm to active money manager was complete.
Why Our History Matters to You
Kroll History: 93 Years of Expertise
Experience shapes expertise. From pioneering valuation methodologies during the Great Depression to advising on today's most complex global transactions, from corporate restructurings to cyber threat intelligence - every challenge we've faced has refined our ability to solve yours.
When you choose Kroll, you're not just hiring consultants. You're accessing nearly a century of accumulated expertise in financial advisory and risk management, market-proven strategies refined through thousands of engagements, and integrated capabilities that connect financial insight with risk intelligence. Our history isn't just our story, it's your competitive advantage.
Born in Crisis, Forged by Growth
Throughout the 1970s and 1980s, Duff & Phelps pioneered independent valuation opinions for M&A transactions, becoming the trusted advisor on landmark corporate restructurings. The firm developed proprietary methodologies that became industry standards, advising on billions in transaction value across multiple continents.
Meanwhile, a parallel legend was being born. In 1972, former Manhattan prosecutor Jules Kroll, who had worked alongside future luminaries like Robert F. Kennedy, founded Kroll Associates. After taking on his first white-collar investigation in 1974, the firm quickly built a reputation for tackling cases others couldn't crack.
Financial Advisory Meets Investigative Power
Kroll became known as the "CIA of Wall Street" for good reason. The firm hired former CIA, FBI, Mossad, and MI5 employees and took on cases that read like spy novels:
• The Marcos Hunt (1980s): Found dictator Ferdinand Marcos's hidden real estate empire in New York and beyond, establishing Kroll's international reputation for asset tracing
• Baby Doc's Millions: Tracked Jean-Claude Duvalier's sizeable accounts across New York, London, Paris, and Geneva
• The Reichmann Vindication: Instead of finding wrongdoing, exonerated the Reichmann family from false Nazi collaboration allegations
• Saddam's Oil Profits: Investigated and uncovered $10 billion in missing Iraqi oil revenues, finding corporations and individuals fronting for Hussein
• God's Banker Mystery: From 1991-1994, proved Italian banker Roberto Calvi's 1982 death wasn't suicide and uncovered money laundering through his failed Banco Ambrosiano
Legendary Investigations
The 1990s and 2000s saw both firms expand dramatically. Duff & Phelps went public on the NYSE in 1992, marking its arrival as a major financial advisory player. In 2005, the firm acquired Standard & Poor's Corporate Value Consulting business, dramatically expanding its valuation expertise. By 2015, Duff & Phelps had added nearly 1,000 valuation professionals globally and launched its Financial Regulatory and Compliance practice through the acquisition of Kinetic Partners.
Kroll's journey was equally dynamic. The firm merged with vehicle armoring company O'Gara-Hess & Eisenhardt in 1997 and went public on NASDAQ. In 2002, Kroll acquired restructuring specialist Zolfo Cooper for $153 million, at the time, Zolfo Cooper was working on the Enron case. By 2004, Marsh & McLennan acquired Kroll in a $1.9 billion transaction.
Two Powerhouses Expand
In 2018, something unprecedented happened: Duff & Phelps acquired Kroll, bringing together over 900 professionals skilled in governance, risk, and investigative services. This wasn't just an acquisition; it was the creation of something unique. For the first time, a single firm could value your transaction and assess the risks. Advise on restructuring and investigate fraud. Provide fairness opinions and conduct due diligence on the target.
That same year, Permira acquired the combined entity for $1.75 billion, positioning the firm for continued growth. Strategic additions followed quickly: Prime Clerk in 2019 (bankruptcy administration expertise), and cybersecurity specialists Redscan and Security Compass in 2021.
By 2022, the brand unification was complete. The entire organization adopted the Kroll name and logo, leveraging Kroll's global recognition in risk and investigative services.
Two Legends Become One
The integration continues with technology at its core. Kroll has acquired Crisp (real-time digital risk intelligence) and Resolver (risk management software), integrating cutting-edge technology and data analytics into advisory solutions. Our investment in artificial intelligence, machine learning, and advanced analytics means clients get faster insights, deeper analysis, and more precise recommendations.
What truly sets Kroll apart is the integration advantage. When you're acquiring a company, we can value the target and conduct investigative due diligence on its management. When you're restructuring, we can advise on the transaction and investigate potential fraud. When you're entering new markets, we can provide the financial analysis and assess political and regulatory risks.
By 2025, Kroll has assimilated over 30 acquisitions throughout its history - each contributing to a broader suite of services and a truly global presence. Our worldwide network delivers coordinated responses with local expertise, understanding regional business practices, regulatory environments, and cultural nuances that can make or break complex international engagements.
One Team, One Kroll
For 93 years, we've been writing the playbook on financial advisory excellence and risk management. From Depression-era utility analysis to multi-billion-dollar global transactions. From investigating dictators to preventing cyber attacks. Every challenge has made us stronger, smarter, and more capable.
When you face your next critical challenge, whether it's a complex M&A transaction, a corporate restructuring, a cyber incident, a regulatory investigation, or any combination of these - you're accessing a century of accumulated expertise, market-proven strategies refined through thousands of the world's most complex cases, and cross-disciplinary capabilities that see what others miss.
The Legacy Continues, With You
2022-2025
2018-2022
1990s-2000s
1972-1990s
1932-1970s
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Depression-Era Pioneers to Post-War Powerhouse
Going
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and Public
Integrated
Excellence
Dual Excellence
Emerges
The Great
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Your Next
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2022-2025
2018-2022
1990s-2000s
1972-1990s
1932-1970s
Depression-Era Pioneers to Post-War Powerhouse
Dual Excellence Emerges
Going Global and Public
The Great Convergence
Integrated Excellence
Your Next Chapter
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1990s-2000s
2018-2022
2022-Present
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1932-1970s
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