Investor services group IQ-EQ is set to foray into the US private wealth market with the takeover of Concord Trust Company.

South Dakota- headquartered Concord has offices in South Dakota and New Hampshire. It specialises in independent trustee services and related administration and compliance services.

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Additionally, the company has proprietary data aggregation and custodial mapping processes that are designed to efficiencies and enhance operations.

Deal Significance

This acquisition of Concord, which is a first for IQ-EQ in the US Private Wealth space, will give allow the company to expand its global private wealth business to the US.

It follows the company’s purchase of US-based Constellation Advisers this January and Blue River Partners last June.

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IQ-EQ plans to integrate Concord into its US and global businesses after the receipt of regulatory approvals. Post completion, the company will have 331 employees in the US.

The company has named Mark Fordyce to lead its expanded US operations.

Concord president Christopher Martin and COO Andrew Powell will remain in their current roles.

Martin will be part of IQ-EQ’s US leadership team as well as global Private Wealth leadership committee.

Comments

IQ-EQ Group executive chairman Serge Krancenblum termed the deal an important and strategic step in the company’s journey towards becoming a leading service provider operating in the investor services space.

Martin said: “IQ-EQ brings expertise and added resources that will help Concord Trust further support our clients and employees, and keep us on our successful growth path.

“I look forward to working with the IQ-EQ management team and the rest of my new colleagues worldwide to develop scale and expanded service offerings that will drive our next phase of growth.”

Financial terms of the deal were not revealed. The transaction is subject to state regulatory approval from the South Dakota Division of Banking.