The Tampa, Florida-based RIA’s first full acquisition adds about $10 billion to its prior $14 billion in assets under advisement.
Reported by Edward Rueda
Concurrent Investment Advisors LLC, an independent registered investment adviser based in Tampa, Florida, closed its first full acquisition, buying Next Retirement Solutions, a retirement plan and wealth advisory firm based in San Diego.
As part of the deal, which closed on September 10, NRS will be rebranded as Concurrent Retirement. NRS has $10 billion in assets under advisement held in 401(k) plans and other benefits programs for approximately 150,000 participants. NRS’ broker/dealer is Kaplan Sterling Investments Inc., based in Albany, New York.
Concurrent CEO Nate Lenz said in a statement that his company paid for NRS mostly with equity and an unspecified amount of cash. He added that the acquisition would “cross-pollinate the institutional business with [his] retail business.”
Concurrent CEO Nate Lenz said in a statement that his company paid for NRS mostly with equity and an unspecified amount of cash. He added that the acquisition would “cross-pollinate the institutional business with [his] retail business.”
Concurrent, which left Raymond James Financial three years ago, managed about $14 billion in assets prior to the acquisition. Lenz said that Concurrent aims to reach $30 billion in assets within the next three years.
Last December, Concurrent hired David Montgomery as its managing director of retirement plan services and announced a “robust” acquisition strategy.
Read the original article on PlanAdviser.
