GeoWealth, a Chicago, IL-based proprietary technology and asset management platform (TAMP), acquired First Ascent Asset Management, a Denver, CO-based provider of outsourced portfolio management services to financial advisors and their clients.
The amount of the deal was not disclosed.
The acquisition empowers GeoWealth to serve growth-minded registered investment advisors (RIAs) of all sizes with a full-service TAMP platform and enhances its position as an enterprise technology solution. The firm will migrate to the GeoWealth platform and leverage its purpose-built, fully-integrated technology platform.
Led by Scott MacKillop, First Ascent provides outsourced portfolio management services to financial advisors and their clients.
Founded in 2010 and led by Colin Falls, President and CEO, GeoWealth is an asset management platform (TAMP) and financial technology solution built specifically for the needs of modern RIAs. GeoWealth’s integrated technology enables advisors to access a diversified lineup of model portfolios and fully offload mid-and back-office responsibilities, including performance reporting, billing, portfolio accounting and more.
As a result of the acquisition, GeoWealth supports both advisor-managed models and a suite of third-party models from leading asset managers enabling advisors to offer customizable investment solutions to support a wide array of use cases. In the months ahead, GeoWealth and First Ascent will be identifying additional opportunities to extend more flexibility and choice to their shared client base. The acquisition is the first of many steps the firms plan to take as it relates to deepening their services and providing value-add for RIAs.
First Ascent’s name, investment offering, service model, and flat-fee schedule will remain unchanged; however, its advisor clients will now have access to expanded capabilities that include back-office efficiencies and flexible, customizable unified managed account (UMA) offerings. First Ascent will operate as an independent subsidiary of GeoWealth, and its existing team will remain in place to support advisors and manage portfolios that are appropriately tailored to meet clients’ needs.
FinSMEs
23/03/2023