Altruist Buys SSG

Just weeks after announcing the launch of its own self-clearing platform, Altruist says it has acquired Shareholders Service Group, a brokerage and custodial services platform, in a move that adds more than 1,600 advisors to its existing RIA firms. The acquisition gives Altruist close to 10% market share of total RIA firms, SSG’s service organization and a relationship with BNY Mellon | Pershing, SSG’s clearing and custody provider.  

Altruist CEO Jason Wenk declined to disclose details of the transaction, except that it was a mostly cash deal, with some equity. Broadhaven Capital Partners, an independent merchant bank, advised SSG on the deal.

Continue Reading: Altruist Acquires RIA Custodial Platform SSG

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In this episode of RIA Edge, David Levi, CFA, managing partner at Brookfield Asset Management and head of Brookfield Oaktree Wealth Solutions, shares his perspective with Informa Wealth Management Managing Director Mark Bruno about the rise of alternatives in the RIA channel and the increased number of alternative offerings now directly available to high-net-worth investors.

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