Close Close
ThinkAdvisor
Eric Clarke, CEO of Orion Advisor Tech

Industry Spotlight > RIAs

Orion to Buy HNW-Focused TownSquare Capital

By Janet Levaux

X
Your article was successfully shared with the contacts you provided.

Platform provider Orion Advisor Solutions says it is buying TownSquare Capital, an investment and trading platform that works with about 2,000 high-net-worth clients, for an undisclosed sum.

The move is expected to add $6 billion to the $60 billion in assets now on the Orion wealth management platform, according to the two firms.

The news comes three weeks after Orion announced its purchase of Redtail Technology, a web-based client relationship management software firm focused on the wealth management industry, for an undisclosed price. Orion currently works with some 2,300 independent advisory firms with $1.9 trillion in assets under administration.

“The addition of TownSquare will strengthen Orion’s wealth management capabilities for our growth-focused independent advisor clients by providing them with custom investment solutions via a full-service RIA platform,” Orion CEO Eric Clarke said in a statement. 

“TownSquare’s appeal to high-net-worth investors aligns well with our focus on growing our Wealth Advisory business,” Clarke added.

Provo, Utah-based TownSquare was founded by a team of former fund managers in 2018 and now has 50 employees. Its business focuses on independent wealth advisors, institutions, family offices, accounting firms and banks.

“The additional capital provided by Orion will assist in our growth across key product areas and enable us to build an outsourced CIO offering that surpasses that of others in the industry,” explained TownSquare CEO and Chief Investment Officer Kurt Brown in a statement.

The deal is expected to close by the beginning of the third quarter. After it is completed, Brown will become Orion’s Chief of OCIO Services, and TownSquare will remain a wholly owned indirect subsidiary of Orion Advisor Solutions.  

Janet Levaux

@Think_JanetL

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.