Provo-based TownSquare Capital, a boutique investment and trading platform, has agreed to be acquired by Orion Advisor Solution of Omaha, Nebraska. Orion is a provider of technology solution for fiduciary advisors.
“The addition of TownSquare will strengthen Orion’s wealth management capabilities for our growth-focused independent advisor clients by providing them with custom investment solutions via a full-service RIA platform,” said Eric Clarke, founder and CEO of Orion. “TownSquare’s appeal to high-net-worth investors aligns well with our focus on growing our wealth advisory business. We’re excited to add TownSquare to our wealth management business, creating more value for advisors seeking a highly integrated, most-in-one technology suite.”
Founded by a team of former fund managers in 2018, TownSquare serves independent wealth advisors, institutions, high-net-worth individuals, family offices, accounting firms and banks. The firm has 50 employees, nearly $6 billion in assets under management and works with over 2,000 high-net-worth clients. Its services include asset gathering, portfolio analysis and tailored construction, custom trading and tax optimization, analytics, processing, reporting and billing.
“TownSquare is entering this transaction from a place of strength. The additional capital provided by Orion will assist in our growth across key product areas and enable us to build an outsourced CIO offering that surpasses that of others in the industry,” said Kurt Brown, TownSquare CEO and chief investment officer.
Upon closing of the acquisition, Brown will become Orion’s chief of OCIO services reporting to Clarke. In addition to Brown, TownSquare’s executive leadership team and employees will continue working out of their existing locations as part of TownSquare, which will remain a wholly owned indirect subsidiary of Orion.
The transaction is expected to close by early third quarter of 2022 following the completion of customary closing conditions.