Global investor services firm IQ-EQ has bought US-based Concord Trust Company for an undisclosed sum.
This is the third deal in the US for IQ-EQ after acquiring Constellation Advisers in January 2021 and Blue River Partners in June 2020.
But the Concord acquisition marks the firm’s foray into the American private wealth space.
The South Dakota-headquartered trust company has $1.9bn (£1.3bn, €1.6bn) in assets under management and, at completion, IQ-EQ will have a global workforce of over 3,400 employees, with 331 in the US alone, and global assets under management reaching $500bn.
Concord’s president Christopher Martin and chief operating officer Andrew Powell will remain in their roles post-acquisition.
IQ-EQ’s Mark Fordyce will assume overall responsibility for the group’s expanded US operations.
Strategic growth
IQ-EQ group executive chairman Serge Krancenblum said: “I’m delighted to welcome Christopher, Andrew and the rest of the Concord team to IQ-EQ. This latest investment, our first in the US private wealth space, represents an extremely important and strategic step in our journey to become the leading service provider operating in the investor services space.
“Our company cultures, operational similarities and focus on providing high touch client service make for the perfect partnership. We believe that this transaction is good for clients, good for employees and good for IQ-EQ.”
Steve Sokić, group head of private wealth at IQ-EQ, added: “As part of our wider group strategy we’re committed to continuing to build IQ-EQ’s reputation as the leading global provider of independent trustee services, as well as outsource partner of choice for other administrative, reporting and compliance services to UHNW families, executives, entrepreneurs and their family offices.
“We have a long and established legacy reputation in the private wealth trust sector globally and can with confidence say that such fiduciary expertise is very much part of our group’s DNA.
“I’m excited about the prospect of working with Christopher and the rest of the Concord team and look forward to what the future has to offer.”
