The acquisition follows IQ-EQ’s purchases of Constellation Advisers (January 2021) and Blue River Partners (June 2020). The Concord acquisition is the first in the US private wealth space.
Concord Trust Company is based in South Dakota and has offices in New Hampshire. The transaction is subject to state regulatory approval from the South Dakota Division of Banking, the firm said in a statement yesterday.
The financial terms of the agreement were not disclosed.
The acquisition follows IQ-EQ’s purchases of Constellation Advisers (January 2021) and Blue River Partners (June 2020). The process of integrating Concord into the group’s US and global businesses will begin once the necessary regulatory approvals have been obtained, it said.
The Concord acquisition is the first in the US private wealth space, it said (the other firms operated within the investment management services area rather than private wealth). Concord was founded in 2011 by Christopher “Chip” Martin (president) and principals of a New Hampshire law firm and joined thereafter by Andrew Powell (chief operating officer).
When the deal is complete, IQ-EQ will have a total of 331 US-based employees. Work to rebrand the Concord business to IQ-EQ will start once regulators give the deal the green light. In the interim period, the business will continue to be promoted in the US under the Concord brand.
Mark Fordyce will be in charge of the group’s US operations when the transaction is signed off; Martin and Powell will retain their existing roles. Martin also joins IQ-EQ’s private wealth leadership committee, led by Steve Sokic, group head of private wealth. (This news service interviewed Sokic in March)