Altruist, a Los Angeles, CA-based custodian for independent registered investment advisors (RIAs), acquired Shareholders Service Group (SSG), a San Diego, CA-based brokerage and custodial platform across the US.
The amount of the deal – subject to regulatory approval – was not disclosed.
The acquisition will help Altruist double the footprint of its RIA-exclusive services and product offerings which already include digital account opening, trading, reporting, and billing.
Led by Peter Mangan, Founder and CEO, Shareholders Service Group is a brokerage and custodial platform serving over 1,600 advisors across the US.
Led by Jason Wenk, Founder and CEO, Altruist is a custodian for independent RIAs. The company combines a self-clearing brokerage firm with software for account opening, trading, reporting, and billing – all in one streamlined solution. With it, users can create custom models, trade fractional shares, automate rebalancing, and share performance with clients using a modern mobile app.
FinSMEs
16/03/2023