Private Advisor Group said Wednesday it acquired Investors Financial Group, a Minneapolis registered investment adviser with $1.86 billion in advisory assets.
Terms of the deal were not disclosed. With $30 billion in client assets, Private Advisor Group of Morristown, New Jersey, is the largest office under the umbrella of LPL Financial, which Investors Financial Group also uses as its broker-dealer.
With close to 30 independent advisers and staff, Investors Financial Group will retain its brand while gaining access to practice management, business and succession planning resources, as well as Private Advisor Group’s 700 advisers.
Private Advisor Group appears to be in growth mode. In December, it said that Merchant Investment Management had taken a noncontrolling minority stake in the firm, marking its first outside investment. And in late 2000, the firm said it hired industry veteran and former LPL president Robert Moore as CEO.
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“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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