California’s EP Wealth Advisors has snapped up Utah-based sister companies The Insight Group and Financial Insight Center, marking its largest RIA deal ever.
Financial details about the deal were not shared.
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Transaction details
The deal adds more than $1bn to EP Wealth’s books.
EP Wealth president and CEO Patrick Goshtigian said: “Insight has achieved remarkable success within the industry and on behalf of its clients, due in large part to its highly specialised team and loyal client base.
“We quickly recognised a shared client-first philosophy and a mutual commitment to providing quality solutions and resources. Their expertise and customised approach complement our work with clients, and we are excited to add them to our team.”
As part of the deal, EP Wealth will absorb Insight’s management and employees.
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By GlobalDataFounding owners Mark Matley and Paul Salisbury will become regional directors and partners at EP Wealth.
Chuck Cutler and Brady Jardine will serve as senior vice presidents and partners.
The acquired business is headquartered in Salt Lake City, Utah, and also has an additional office in Logan, Utah. The Insight Group serves HNWIs and Financial Insight Center offers tailored investment advice to a diverse group of clients.
Matley stated: “As we continued to grow, we saw an opportunity to partner with the EP Wealth team and take advantage of their scale, back office and compliance support, as well as the depth and breadth of their team.”
Based in Torrance, EP Wealth also has offices in the San Francisco Bay area, San Diego, West Los Angeles and Irvine, California, Seattle, Phoenix, Denver, Dallas and the Chicago region.
The latest acquisition is the firm’s 12th deal. In August this year, the firm bought Chandler, Arizona-based investment manager Providus Advisors.
The acquisition of Providus increased EP Wealth’s AUM by more than $155m.
Earlier this year, EP Wealth purchased International Research & Asset Management and Guidant Wealth Advisors.
