Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter. The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years. Compliance staff inside the acquirer have been preparing for the integration since early March. The transition team has been on site since Tuesday, walking through technology integration with the home-office staff.
The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years. Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin. It is the kind of deal that says less about price than about positioning for the next cycle. Insiders say the firm has been quietly building out its alternatives platform since last summer.
The detail
Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. Insiders say the firm has been quietly building out its alternatives platform since last summer. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. Both sides described the transaction as transformational, but neither would discuss financial terms on the record. The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter.
“The fee-only advisor used to walk past annuities. That has clearly changed.” LIMRA director
It is the kind of deal that says less about price than about positioning for the next cycle. Industry observers expect a small wave of follow-on deals from competitors. Insiders say the firm has been quietly building out its alternatives platform since last summer. Compensation for the senior partners is rumored to be tied to a five-year retention schedule.
What it means for advisors
The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years. Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter. The combined entity is expected to manage just over four billion dollars when the transaction closes. Insiders say the firm has been quietly building out its alternatives platform since last summer.
- It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter.
- The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years. Both sides described the transaction as transformational, but neither would discuss financial terms on the record.
- Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin. The combined entity is expected to manage just over four billion dollars when the transaction closes.
Both sides described the transaction as transformational, but neither would discuss financial terms on the record. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM.
