US-based advisory firms Efficient Advisors (EA) and Evidence Based Advisors (EBA) have combined their operations, creating a $1.6bn business.
The merged group will provide investment management and full-service back office to over 200 advisers with more than 5,000 clients.
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The senior leadership team of EBA will now be a part of the EA management.
CEO Steven Miller, COO Sabrina Williams, and vice president Alex Rodriguez will retain their roles.
Zack Shepard is the chief revenue officer of the combined business.
Shepard noted: “This merger was a very easy decision since we both know each other very well – in fact, the relationship of key individuals predates the founding of either firm.
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By GlobalData“Both firms are rooted in the same solid foundation of academic investment philosophies and have focused on standing behind financial advisers and creating long-term value for their firms and, of course, their clients.”
Set up in 2009, Philadelphia-based EA focuses on passive, structured investing.
Comparatively, EBA is a much newer firm established in 2018.
The Cincinnati-based investment advisory firm offers solutions to support evidence-based investment strategy.
Other recent M&A deals in US
The US financial servcies sector has seen several major M&A deals this year.
These include Franklin Templeton’s acquisition of rival Legg Mason.
The merged business has $1.4trn in assets.
Further, Orion Advisor Solutions and Brinker Capital agreed on a merger to create a $40 business.
At the same time, Brookstone Capital Management and FormulaFolios merged operations to form a $6.5bn business.
LPL affiliates Financial Resources Group Investment Services and Gladstone Wealth Group also agreed to merge this year.
The deal will create a financial behemoth with $24bn in brokerage and advisory assets.
Additionally, Advisor Group acquired Ladenburg Thalmann Financial Services.
The deal created a wealth manager with over $450bn in assets.
