Merger creates $4.4 billion RIA in New Jersey
New Jersey-based Modera merges with Pennsylvania-based Independence Advisors; Modera also receives equity infusion from Tria Capital Partners
Independence Advisors, a Wayne, Pennsylvania, registered investment adviser managing $1.3 billion, has merged into Modera Wealth Management, a Westwood, New Jersey-based RIA managing $3.1 billion.
The combined entity has more than 1,900 clients and operates offices in Massachusetts, Georgia, North Carolina, and Florida in addition to New Jersey and Pennsylvania.
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Independence Advisors principals Charles Boinske, Mark Rioboli and Patrick Runyen will continue as principals of the combined firm, bringing the total number of employee-owners to 20. Tom Orecchio remains Modera’s chief executive.
Simultaneous with the acquisition, TRIA Capital Partners closed on an undisclosed investment in Modera as a non-control, minority equity partner.
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