Sequoia Monetary Group, an Akron, Ohio-headquartered registered funding advisor with greater than $19.3 billion in belongings below administration, has acquired the wealth administration enterprise of Eide Bailly, an accounting agency in Fargo, N.D., which encompasses about $1.58 billion in shopper belongings.
The deal, anticipated to shut within the fourth quarter, will contain Eide Bailly’s RIA turning into a part of Sequoia and the accounting agency taking a stake in Sequoia. Brad Kelley, principal and wealth chief for Eide Bailly Advisors, will lead joint initiatives between the corporations as govt vp of company growth for Sequoia.
“This partnership is a key strategic transfer that may increase our wealth administration footprint meaningfully, particularly west of the Mississippi River, the place Eide Bailly has a big presence in main wealth markets,” mentioned Tom Haught, Sequoia Monetary’s CEO, in a press release.
Eide Bailly’s wealth enterprise serves people, trusts, estates, pension and profit-sharing plans, companies, and charitable organizations.
Sequoia Monetary Group, which was based in 1991, has an extended historical past of serving entrepreneurial purchasers all through the lifecycle of their wealth. Final November, the agency launched a household workplace division, Sequoia Sentinel, to offer extra specialised providers to its ultra-high-net-worth purchasers. Sentinel represents about 55% of the agency’s belongings and serves purchasers with a minimal of $20 million.
Just lately, the agency has been rising by M&A. In April, Sequoia picked up AltruVista, a Houston agency managing greater than $300 million. AltruVista was based in 2009 by CEO Ali Nasser.
In July, the RIA acquired Karpas Methods, a Litchfield, Conn.-based RIA, with greater than $420 million in shopper belongings. Karpas is now a part of Sequoia Sentinel Household Workplace.
