Syracuse, N.Y. — Atria Wealth Answers, a New York Town-based wealth control answers corporate, has agreed to procure Syracuse-based unbiased broker-dealer Cadaret, Grant & Co.
Cadaret, Grant is likely one of the greatest privately owned unbiased broker-dealers within the county, servicing roughly 900 monetary advisers and with greater than $23 billion in belongings underneath management. A broker-dealer is a brokerage company that buys and sells securities by itself account foremost prior to promoting the securities to shoppers.
Based in 1985 by way of Mac Cadaret and Art Grant, the company employs 115 folks at its headquarters at One Lincoln Heart in downtown Syracuse and 12 in Mount Arlington, N.J. Cadaret died in 1999. Grant stays its majority proprietor.
“Cadaret, Grant has been a long-standing chief amongst unbiased broker-dealers, and bringing it into the Atria circle of relatives is a fantastic alternative,” Atria CEO Doug Ketterer mentioned in a commentary. “Having labored carefully with Artwork and his workforce, it’s transparent that our cultures, philosophies, and approaches to servicing monetary advisers and their purchasers are absolutely aligned.”
Grant, who will stay with the corporate in an advisory position to Ketterer, mentioned Cadaret, Grant will stay headquartered in Syracuse, and not use trade to its paintings drive or title.
He mentioned the sale, which is topic to approval by way of the Monetary Business Regulatory Authority, adopted his years-long seek for a purchaser.
“I am 75 years previous and it turned into transparent I am not going to be round endlessly,” he mentioned.
Beneath the settlement, Atria will achieve one hundred pc of Cadaret, Grant, and its two sister firms, Cadaret, Grant Company Inc. and Capital Technique Crew Ltd.
Headquartered in New York Town, Atria is a wealth control answers keeping corporate based in 2017. Ketterer based the company with Leader Running Officer Eugene Elias Jr. and Leader Expansion Officer Kevin Beard.
Atria’s subsidiaries come with CUSO Monetary Services and products and Sorrento Pacific Monetary.
Phrases of the purchase weren’t disclosed.