Atria Wealth Solutions, an expanding acquirer of small independent broker-dealers run by former Morgan Stanley retail sales executive Doug Ketterer, is buying Fresno, Calif.-based SCF Securities, it said on Wednesday.
Terms of the deal, which is expected to close in the first half of 2021, were not disclosed. The transaction would mark New York City-based Atria’s sixth acquisition since 2017.
Founded in 1992, SCF offers brokerage support and services to about 150 independent brokers with $4 billion in assets under administration.
Atria, which Ketterer co-founded in 2017 with private equity backing, says it will represent more than 2,500 brokers with nearly $95 billion in assets under administration when the deal closes.