Deals Of The Day: The Latest In Wealth Management M&A - Wentworth, Invesco

Editorial Staff

12 December 2019

Wentworth
, which is a hybrid RIA and independent broker-dealer business.

The full terms of the deal, which is still subject to regulatory approval, were not disclosed.

Wentworth’s other platform companies include Purshe Kaplan Sterling, a leading full-service, broker-dealer and financial services firm based in Albany, New York acquired in 2017; Independent Planners Group (IPG), an insurance brokerage general agency in Scottsdale, Arizona; and Cabot Lodge Securities, a New York financial services firm.

"Wealth management is a highly competitive industry, with more than $20 trillion in the US. Being able to realize economies of scale and access the latest technology is the key to survival, particularly for small and medium-sized concerns," Ryan Morfin, chief executive of Wentworth, said.

"We are deeply committed to the hybrid, open architecture model that allows breakaway brokers to build their businesses at the clearing firms that they choose. Aurora has a strong and long-lasting relationship with Pershing and we are very excited to open up this new chapter in Wentworth's development,” he said.

Invesco
, the US investment management house, has added the fintech firm RedBlack to its embrace, bringing more than 150 clients and $350 billion of platform assets.

RedBlack’s team comprises 60 members based in Bedford, New Hampshire and Kochi, India. The firm provides investment professionals a platform to help automate portfolio rebalancing, order management, trading and compliance workflows.

The terms of the transaction were not disclosed.

Broadhaven Capital Partners, LLC served as RedBlack's exclusive financial advisor on the transaction.