It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. Both sides described the transaction as transformational, but neither would discuss financial terms on the record. Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. 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 transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter. Compensation for the senior partners is rumored to be tied to a five-year retention schedule. It is the kind of deal that says less about price than about positioning for the next cycle.
The detail
Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter. Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. Industry observers expect a small wave of follow-on deals from competitors. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter.
“Advisors don’t switch platforms because of pricing. They switch because of one bad experience that took eight phone calls to resolve.” Custody consultant
Both sides described the transaction as transformational, but neither would discuss financial terms on the record. Industry observers expect a small wave of follow-on deals from competitors. The transition team has been on site since Tuesday, walking through technology integration with the home-office staff. The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter.
What it means for advisors
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. 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 combined entity is expected to manage just over four billion dollars when the transaction closes. The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years.
- The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter. 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. 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. Compliance staff inside the acquirer have been preparing for the integration since early March. It is the kind of deal that says less about price than about positioning for the next cycle. Both sides described the transaction as transformational, but neither would discuss financial terms on the record.
