New York firm Wentworth has acquired PKS Investments
New York firm Wentworth Management Services Inc. has acquired Albany-based Purshe Kaplan Sterling Investments (PKS).
It’s the first major acquisition by Wentworth but CEO Ryan Morfin says that it will enable his firm to make further acquisitions of independent brokers going forward.
"There is a seminal change taking place right now in the wealth management industry as independent firms grow and gather assets to rival the wirehouses and large banks," said Wentworth CEO Ryan Morfin.
He added that rapid consolidation is being driven by the rising costs of technology, security and regulatory compliance.
Wentworth is a holding company that acquires and manages businesses in the wealth management industry while PKS is a full-service broker/dealer and financial services firm.
PKS will retain its existing core management team and its operations across 485 offices in every US state will be unaffected.
"Ryan and the Wentworth team fully understand and support the business we've built at PKS," said J. Peter Purcell, CEO of PKS. "Their partnership will supply PKS with resources, talent and capital to pursue our vision for the firm and continue to grow in an intelligent and prudent manner. We're delighted to announce this exciting news for our company and look forward to working with the Wentworth team."
It’s the first major acquisition by Wentworth but CEO Ryan Morfin says that it will enable his firm to make further acquisitions of independent brokers going forward.
"There is a seminal change taking place right now in the wealth management industry as independent firms grow and gather assets to rival the wirehouses and large banks," said Wentworth CEO Ryan Morfin.
He added that rapid consolidation is being driven by the rising costs of technology, security and regulatory compliance.
Wentworth is a holding company that acquires and manages businesses in the wealth management industry while PKS is a full-service broker/dealer and financial services firm.
PKS will retain its existing core management team and its operations across 485 offices in every US state will be unaffected.
"Ryan and the Wentworth team fully understand and support the business we've built at PKS," said J. Peter Purcell, CEO of PKS. "Their partnership will supply PKS with resources, talent and capital to pursue our vision for the firm and continue to grow in an intelligent and prudent manner. We're delighted to announce this exciting news for our company and look forward to working with the Wentworth team."
