Atria Wealth Solutions, a private-equity-backed company, has agreed to acquire Grove Point Financial, a wealth management firm with $15 billion in assets, from Kestra Holdings.
According to InvestmentNews, the terms of the deal have yet to be disclosed, but the companies expect the deal to close in the second half of the year. The acquisition is expected to boost Atria's assets under administration (AUA) to $115 billion and the number of financial professionals at its units to nearly 2,700.
Michelle Barry, president of Grove Point, expressed excitement about the partnership, noting that the two firms share common custody and strategic partner firms, enabling financial professionals to focus on clients without needing to repaper account transfers.
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