The latest mergers, acquisitions and other corporate actions in the wealth management sector.

EFG International
EFG International, the Zurich-listed group, said yesterday that it has completed the previously-announced sale of its minority stake in Asesores y Gestores Financieros to the Spanish private bank’s management team.

The terms of the deal, which was initially announced in April last year, were not disclosed. EFG said that the final financial effects of the transaction would be disclosed on 21 July when the firm issues its half-year 2022 results. 

In May this year EFG International reported solid operating results in the first three months of 2022, but it saw a decline in its assets under management.

LSEG, BETA+
Private equity firms Clearlake Capital Group and Motive Partners have concluded the $1.1 billion acquisition of BETA+ from the London Stock Exchange Group. 

As part of the transaction, BETA+ will rebrands as BetaNXT and will be managed by a new leadership team, it said in a statement earlier this week. 

BetaNXT serves $6 trillion assets, has 50 million daily transactions, and a tech stack that consists of BETA, Maxit and Digital Investor. 

BETA is a securities processing solution for back-office and front-office operations, which includes transaction processing, broker productivity tools and transmission of customer and firm data. BETA also provides trading tools for advisors via its brokerage processing system, Maxit. Maxit is a tax information reporting and accounting solution, and Digital Investor –  an online portal that connects advisors and their clients to BetaNXT’s digital wealth management platform.

Clearlake and Motive Partners will form a “long-term strategic partnership” with LSEG, supplying the firm with content, data, and tools from BetaNXT.

LSEG is, among other areas, owner of Refinitiv, the data and information services business serving financial market players including wealth managers.