Foreside Financial Group, which offers compliance and technology services to wealth managers, has announced plans to acquire a mutual fund and ETF distribution business Quasar Distributors.

A wholly-owned subsidiary of U.S. Bancorp, Quasar offers regulatory underwriting distribution services for open-end mutual funds and exchange-traded funds (ETFs).

The acquisition will bolster Foreside’s position as a third-party fund distributor. It will also add more than 200 Quasar clients to its books.

Moreover, Foreside will gain Quasar’s Wisconsin office and its 26 employees.

Alongside, the deal will offer all current Quasar clients access to Foreside’s compliance solutions and outsourcing support services.

Foreside president Dave Whitaker said: “Foreside is excited for the potential this acquisition provides to broaden our wide range of compliance and regulatory service offerings to clients based all over the US.

“Our inorganic growth continues to fuel our organic growth, as acquisitions like this one allow us to expand our service offerings and provide better strategic counsel and service to our clients.”

U.S. Bank Global Fund Services head Joe Neuberger said: “With Foreside’s investment and core capabilities in the mutual fund and ETF distribution space, Quasar should thrive while remaining true to its strengths.”

If the deal advances, it will be Foreside’s third acquisition this year following NCS Regulatory Compliance and Compliance Advisory Services. Foreside has more than $1 trillion in assets under distribution.

With everything falling in line, the latest deal will close in the first quarter of next year.