Wilmington, Delaware-based Arden Trust Company, which is owned by broker-dealer Kestra Financial, has snapped up a $400m trust business from Northwestern Mutual, of Milwaukee.
The takeover expands Arden Trust’s footprint into the Upper Midwest.
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It offers Arden Trust a new office in Milwaukee –which becomes its eighth location. The value of the deal was not divulged.
The acquisition also adds more than 300 client relationships and three trust officers to Arden Trust.
Commenting on the purchase, Arden Trust president Michael Roberts said: “This transaction is part of our strategic growth initiative to partner with advisers across the country to provide best-in-class, holistic trust and financial planning services.”
Roberts added: “By expanding our footprint into the Upper Midwest region of the country, we are furthering our mission of empowering advisers to preserve familial legacies through tax-efficient wealth transfers and intergenerational planning all the while driving business growth for Arden Trust.”
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By GlobalDataA limited purpose trust business, Arden Trust has assets under administration of over $7bn. Currently, the firm’s staff headcount is more than 90.
Its owner Kestra supports over 2,000 independent financial advisers and has $92bn in assets under administration.
Last week, Kestra added Ivory Wealth Management – a Connecticut-based firm with $214m in assets – to its network.
