Orion Advisor Solutions is expanding its capabilities as a turnkey asset management provider by acquiring TownSquare Capital, a boutique investment and trading firm.
With $6 billion in assets under management, TownSquare serves independent wealth advisers, high-net-worth individuals, family offices, accounting firms and banks. The deal brings Orion’s TAMP business to $60 billion in assets.
The acquisition is expected to close in the third quarter; terms were not disclosed.
“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 founder and CEO Eric Clarke said in a statement. The company did not immediately respond to request for additional comment.
Headquartered in Provo, Utah, TownSquare says it brings an “institutional mindset” to portfolio construction, utilizing its money managers’ “fundamental, high-conviction, high active-share strategies” with a focus on tax efficiency, transparency and lower fees. The firm provides asset gathering, portfolio analysis, custom trading and tax optimization, analytics, processing, reporting and billing.
Advisers on TownSquare’s platform will benefit from Orion’s technology, additional investment options and enhanced support, according to TownSquare CEO and chief investment officer Kurt Brown.
“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,” Brown said in a statement. “Additionally, it will provide greater economies of scale by broadening a wide range of investment products and solutions, expanding distribution, and enhancing technology.”
Following the close of the acquisition, Brown will serve as Orion’s chief of OCIO services and report to Clarke. TownSquare's executive leadership team and 50 employees will continue working out of its existing locations.
There's an estimated $3 trillion in assets on TAMPs, and growth is expected to continue, according to a report by The Wealth Advisor, which named Orion has the third-best all-around TAMP behind Morningstar’s Managed Advisor Wealth Platform and AssetMark.
The market is also undergoing significant consolidation. Sawtooth Solutions was acquired by Simplicity Group last year, and in 2020, Orion merged with Brinker Capital.
The acquisition comes just weeks after Orion announced plans to acquire Redtail, a client relationship management software built for financial advisers.
ASA reacts as regulator drops no-deny policy, freeing firms and individuals to publicly dispute allegations after reaching settlements.
Joel Frank allegedly sold more than $39 million worth of investments in the Equilus Funds to more than 90 investors,
The Charity Parity Act would eliminate a costly IRA rollover requirement that blocks direct charitable transfers from workplace retirement plans.
A last-minute court filing ends a case against the federal tax-collecting agency that had drawn unprecedented conflict-of-interest questions from Democratic critics.
Advisors discuss their use of AI now and how it will change going forward
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
