Wentworth Management Services has announced its acquisition of Albany, N.Y.-based independent broker-dealer Purshe Kaplan Sterling Investments (PKS).
The transaction closed on Nov. 30, 2017, and full terms of the deal were not disclosed.
Wentworth is a holding company that acts as a long-term owner and operating partner for broker-dealers and other firms in the independent wealth management channel. The company focuses on established small- to middle-market independent broker-dealers like PKS seeking a strategic partner to provide support and scale for their businesses.
“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 Ryan Morfin, Wentworth CEO. “At the same time, costs of technology, security and compliance are rising and the industry is consolidating rapidly. PKS is an established firm with the scale and infrastructure to meet these challenges, and partnering with them will enable us to smoothly acquire and integrate additional independent broker-dealers to the Wentworth family.”
PKS’s core management team will remain in place, and the firm’s business model and operations will be unchanged by this transaction. The foundation of PKS’s business model is an open-architecture environment that empowers its registered representatives to affiliate with the best-of-breed custodians and financial services partners that best suit the needs and preferences of their practices. The partnership with Wentworth will deliver additional balance sheet capabilities and human capital enhancements to PKS, and support future growth activities for the firm. PKS currently has a presence nationwide with 485 offices in all 50 states.
