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May 11, 2022

Orion bolsters wealth management business with TownSquare Capital deal

Orion Advisor Solutions, which provides wealthtech solutions for fiduciary advisors, has signed a deal to buy Utah-based TownSquare Capital.

The deal, whose financial terms were not revealed, will expand Orion’s existing wealth management operations.

Founded in 2018, TownSquare is a boutique, full-service investment and trading platform catering to dependent wealth advisors, institutions, high-net-worth (HNW) individuals, family offices, accounting firms, and banks.

TownSquare’s investment and trading platform asset gathering, portfolio analysis and tailored construction, custom trading and tax optimisation, analytics, processing, reporting, and billing.

The firm has 50 employees managing nearly $6bn in assets and serving more than 2,000 HNW clients.

Orion founder and CEO Eric Clarke said: “The addition of TownSquare will strengthen Orion’s wealth management capabilities for our growth-focused independent advisor clients by providing them with custom investment solutions via a full-service RIA platform.”

Following the close of the deal, TownSquare will become a wholly owned indirect subsidiary of Orion Advisor Solutions.

Its CEO and CIO Kurt Brown will join Orion as chief of OCIO Services and will report to Clarke.

TownSquare executive leadership team and employees will continue working out of their current locations as part of TownSquare.

Commenting on the deal, Brown added: “TownSquare is entering this transaction from a place of strength. The additional capital provided by Orion will assist in our growth across key product areas and enable us to build an outsourced CIO offering that surpasses that of others in the industry.”

“TownSquare’s advisor clients will benefit from this transaction by utilizing Orion’s open architecture, most-in-one wealth management and technology platform that will give clients more investment options and enhanced support in a seamless experience, ultimately saving them time and money.”

The transaction is expected to conclude by early third quarter of the year, subject to regulatory approvals.

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