Foreside Financial Group, which provides compliance services to wealth managers, has continued its growth trajectory by acquiring the regulatory compliance business of Integrated Compliance Solutions Group (ICSGroup).
The acquired company caters to the asset management industry in the US and Africa, with a focus on private funds and emerging managers.
Founded in 2008, it develops compliance programmes, manages regulatory issues, and offers operational due diligence to support the regulatory needs of clients.
Foreside president Dave Whitaker said: “When assessing any of the acquisitions we’ve made, quality of client service and industry expertise are top considerations.
“ICSGroup fulfils these ideals, and we’re excited to have the opportunity to work alongside them. From a strategic standpoint, this acquisition puts us in a great position, despite the unprecedented times in which we’re operating, to continue executing on our overall growth strategy across client types.”
ICSGroup founder and president Medina Jett added: “We are thrilled to be joining the Foreside family and think we’ve found the perfect partner to accelerate our firm’s technology capabilities to meet the growing needs of our clients, while providing the personalised service they expect.
“We remain committed to the relationships we’ve built over the last twelve years and believe they will immediately benefit from Foreside’s unparalleled combination of customised, industry leading services delivered through modern regulatory technology platforms.”
The latest deal, whose value not revealed, marks Foreside’s fourth takeover since last year.
It follows Foreside’s purchase of U.S. Bancorp’s fund distribution business Quasar Distributors.
The company also bought Compliance Advisory Services in October last year, and NCS Regulatory Compliance last January.