With incumbent wealth management firms racing to buy up longtime rivals, a private equity-backed upstart is taking a different approach.
Atria Wealth Solutions agreed to purchase independent broker-dealer Western International Securities in what would be the wealth management holding company’s fifth IBD acquisition since launching in 2017, the parties said Nov. 21. The Lee Equity Partners-backed buyer and Pasadena, California-based seller didn’t disclose terms of the deal.
Upon the expected close in the first quarter, Western’s 400 advisors with $13 billion in assets under administration would bring the total at Atria’s five IBD subsidiaries to 2,500 with nearly $80 billion. Atria’s last deal added Next Financial Group to its ranks earlier this year.