Orion Advisor Solutions is combining operations with turnkey asset management platform Brinker Capital.
Financial details about the transaction were not divulged.
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By GlobalDataThe consolidation will create an investment manager ad technology firm with nearly $40bn in assets.
Private equity firm Genstar Capital and Orion’s existing backer TA Associates will invest in the merged group.
Both firms will have equal stakes in the combined business.
Orion works with nearly 2,000 advisory firms and administers around $1trn in assets.
It offers adviser tech to support tax-intelligent rebalancing, efficient billing, integrated planning, and automated compliance monitoring as well as a turnkey asset management programme.
It also offers investment management through its business CLS Investments that focuses on ETF strategies.
Last year, the firm acquired Advizr, a financial planning software provider headquartered in New York.
Meanwhile, Brinker serves over 4,000 RIAs and managed $21.5bn as of 31 March 2020.
The firm focuses on multi-asset class investing. It offers investment manager due diligence, asset allocation, portfolio construction, and client communication services.
Last month, the firm announced that it will utilise BlackRock’s risk management platform Aladdin Wealth.
The platform will enable Brinker Capital to provide enhanced risk analytics in managing bespoke investment solutions for HNW and institutional investors through its Wealth Advisory arm.
