Kansas-based Prime Capital Investment Advisors (PCIA) has agreed to purchase the assets of Arkansas-based peer Longer Investments (LII). Financial terms of the transaction were not revealed.
The acquired entity will now operate under the name Longer Financial, an affiliate of Prime Capital Investment Advisors.
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All LII staff including its founder Elaine Longer will be retained as part of the deal and continue to operate from its Fayetteville base.
As a member of the Longer Financial team, PCIA portfolio manager Eric Krause will spearhead its Fayetteville business.
“I’ve been fortunate to have spent a great deal of time working with clients in Northwest Arkansas for the past several years. I’m very pleased to have the opportunity to partner with Elaine and her team as we continue to grow our firm together in this community,” Krause noted.
In the new role, Krause will be tasked with integrating LII’s private wealth management operations and growing the firm’s Qualified Plan presence.
At the same time, Krause will continue to sit on the firm’s investment advisory committee.
PCIA CEO Glenn Spencer said: “We’ve now built a presence in 14 markets and continue to grow.
“Under Elaine and Eric’s leadership, Longer is already a premier financial services firm in Northwest Arkansas. Eric’s background and relationships in the area make him a great candidate to lead PCIA’s efforts in Fayetteville.”
