Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. The transition team has been on site since Tuesday, walking through technology integration with the home-office staff. Compensation for the senior partners is rumored to be tied to a five-year retention schedule. Both sides described the transaction as transformational, but neither would discuss financial terms on the record. Insiders say the firm has been quietly building out its alternatives platform since last summer.
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. Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence.
The detail
It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM. 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. 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.
“Crises are bad classrooms.” Governance consultant
Compliance staff inside the acquirer have been preparing for the integration since early March. The combined entity is expected to manage just over four billion dollars when the transaction closes. Talent retention will be the principal concern, executives said in an internal memo reviewed by InvestLin. The deal is the latest in a wave of consolidation that has reshaped the channel over the past three years.
What it means for advisors
Both sides described the transaction as transformational, but neither would discuss financial terms on the record. The combined entity is expected to manage just over four billion dollars when the transaction closes. Compliance staff inside the acquirer have been preparing for the integration since early March. Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter.
- Regulatory filings are not expected to slow the timeline; the deal is expected to close in the third quarter. It is the second strategic acquisition the buyer has closed this quarter and its largest by AUM.
- 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 deal is the latest in a wave of consolidation that has reshaped the channel over the past three years. The combined entity is expected to manage just over four billion dollars when the transaction closes.
Custodial rivals were watching closely, hoping to scoop up assets in any post-merger turbulence. Clients have been notified by letter and an email follow-up; the firm expects minimal attrition. 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.
