Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin. The transition team has been on site since Tuesday, walking through technology integration with the home-office staff. Insiders say the firm has been quietly building out its alternatives platform since last summer. The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter. It is the kind of deal that says less about price than about positioning for the next cycle.
Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. Compensation for the senior partners is rumored to be tied to a five-year retention schedule. It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin.
The detail
It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. Compliance staff inside the acquirer have been preparing for the integration since early March. Industry observers expect a small wave of follow-on deals from competitors. 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.
“The wrapper is novel. The credit risk underneath is not.” Industry attorney
The combined entity is expected to manage just over four billion dollars when the transaction closes. Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter. Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin. 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. Compensation for the senior partners is rumored to be tied to a five-year retention schedule. Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years.
- 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. Insiders say the firm has been quietly building out its alternatives platform since last summer.
- 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.
The combined entity is expected to manage just over four billion dollars when the transaction closes. 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. The transaction values the firm at roughly twelve times trailing EBITDA, according to people familiar with the matter.
