Atria Wealth Solutions is purchasing broker-dealer Cadaret, Grant & Co, which has around $23 billion in assets under administration.
Co-founded in 2017 by Morgan Stanley veterans Doug Ketterer and Eugene Elias and AIG Advisor Group’s Kevin Beard, Atria has grown quickly in its brief existence thanks to its backing from middle-market private equity firm Lee Equity Partners.
In November 2017, the firm closed its purchase of CUSO Financial Services and Sorrento Pacific Financial, a pair of San Diego, Calif.-based broker-dealers with around $30 billion in assets under administration. The Cadaret, Grant deal will be the firm’s second acquisition.
Cadaret, Grant backs around 900 financial advisors and is based in Syracuse, N.Y. Atria said the firm would remain in Syracuse after the transaction closes. Cadaret, Grant’s CEO Art Grant is remain as an advisor to Ketterer, Atria’s CEO.
‘Cadaret, Grant has been a long-standing leader among independent broker-dealers and bringing it into the Atria family is an incredible opportunity,’ Ketterer said in a statement. ‘Having worked closely with Art and his team, it is clear that our cultures, philosophies, and approaches to servicing financial advisors and their clients are fully aligned.’
Atria was advised on the deal by Broadhaven Capital Partners, while Cadaret, Grant was advised by Berkshire Capital. Financial terms of the deal were not disclosed.