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Atria to expand its services with WIS
Posted on Friday, 22 November 2019 13:03
Atria Wealth Solutions is buying US-based independent broker-dealer Western International Securities (WIS).

No financial details have been disclosed and the transaction is expected to complete in the first quarter of 2010, pending customary conditions and regulatory clearances.

Established in 1995, WIS serves over 400 independent financial advisors and has offices across the US.

Through its clearing firms, National Financial Services and Perishing, the group provides extensive market analysis and background information on thousands of potential investment opportunities.

WIS also offers securities and advisory services to clients such as insurance programmes, retirement accounts and unit investments trusts.

Headquartered in California, the company has assets under administration of USD 13.00 billion.

As a result of the transaction, Atria will be able to expand its offering to independent financial advisors who prefer options for doing business and managing their practices.

With the addition of National Financial and Perishing, the company will further broaden its services for clients.

Atria’s subsidiaries will represent close to 2,500 financial advisors and have assets under management of almost USD 80.00 billion following closing.

Don Bizub, chief executive of WIS, said: “By partnering with Atria, we’re able to take full advantage of their advanced technology, robust product partner lineup and vast operational support network to greatly accelerate the evolution of our offering much faster than we could ever do on our own.”

The deal represents another acquisition for the buyer this year; in June, it purchased US-based investment advice services company NEXT Financial Group for an undisclosed sum.

According to Zephyr, the M&A database published by Bureau van Dijk, there have been 435 deals targeting insurance agencies and brokerages announced worldwide since the beginning of 2019.

Phocas Financial, in the most valuable of these so far, bought a minority stake in US-based Primerica for USD 874.54 million.

Next Insurance, Stackhouse Poland Group and Aston Lark (Topco), among others, have also been targeted in 2019 to date.

© Zephus Ltd