Florida-based Ladenburg Thalmann Financial Services has reached a definitive agreement to acquire Premier Trust, a provider of wealth management services, from Western Alliance for an undisclosed sum.

Headquartered in Las Vegas, Premier has around $520 million in assets under management and its services cover all aspects of planning, including retirement, income and estate taxes, succession of the family business, transferring assets to future generations and asset protection.   

When the merger is complete, the team at Premier, including president and chief executive Mark Dreschler, will continue to work in the firm’s Nevada office. Meanwhile Robert Bruderman, a member of Ladenburg's management committee and one of the founders of Ladenburg's Triad Advisors subsidiary, will become chairman of Premier’s board.

The transaction is expected to close in the second quarter of 2010, subject to customary closing conditions, including regulatory approval. However, approval by Ladenburg's shareholders is not required.

"The addition of Premier will allow Ladenburg's network of independent financial advisors to have unparalleled access to a broad array of trust services," said Dr Phillip Frost, chairman of the board of Ladenburg.

Ladenburg’s principal subsidiaries are Ladenburg Thalmann & Co, a brokerage and investment banking firm which is a member of the New York Stock Exchange, and independent broker-dealers Investacorp and Triad Advisors.