US-based independent broker-dealer Prospera Financial Services has acquired New Orleans-based Dorsey & Company for an undisclosed amount.
Following the acquisition, the acquired entity will retain its current brand and operate as a Prospera OSJ. It will continue to be led by current president and CEO Raymond Thompson.
Prospera said that the deal is part of its continuing growth trajectory and indicates its interest in making future acquisitions.
The firm has around 150 financial advisors across the country and manages around $14.6bn in assets. The addition of Dorsey & Company will bring another $1.4bn assets to its books.
Prospera co-CEO and managing partner Tim Edwards said: “We are delighted to team with Dorsey & Company, whose boutique approach to service and shared culture make them a perfect partner for us going forward.
“In an era when many firms our size have been absorbed by larger industry players, Prospera is proud that we’ve been able to go against the tide by becoming active acquirers and continuing to expand. We look forward to sustaining our record of service-driven growth and success.”
As part of the deal, Dorsey & Company will benefit from Prospera’s practice management expertise, its succession planning assistance, marketing strategy and execution support among other things.
Commenting on the deal, Thompson said: “We are excited to join the Prospera family. I have developed a strong relationship with the members of its leadership team over the years, and I’m thoroughly convinced that they will only build on our long history of delivering high-quality, personalised, and conflict-free strategies to our clients.
“Our advisors look forward to having access to expanded resources and expertise that will enhance Dorsey & Company’s already first-class service and help them grow their businesses.”