Sanctuary Wealth said early Wednesday that it is acquiring tru Independence, an enterprise advisory platform that supports 30 registered investment advisor firms managing some $12.5 billion in client assets.
The goal of the deal, according to the firms' joint announcement, is to create an "unparalleled platform for highly sophisticated financial advisors." Firm leaders said the combined enterprise will strive to offer the broadest possible range of independent business model affiliation options and capabilities.
Upon completion of the transaction, the firms will operate as distinct entities, maintaining their existing brands and leadership teams. Behind the scenes, however, the firms will work together to share the best of each enterprise's offerings, and the combined entity will support about 120 independent wealth firms managing over $42 billion of client assets across 30 states.
Echoing comments made during a recent interview with ThinkAdvisor, Adam Malamed, CEO of Sanctuary Wealth, emphasized that the firm's overarching goal with its acquisition strategy is to support financial advisors who serve high-net-worth and ultra-high-net-worth clients.
"Sanctuary and tru have built their businesses on partnered independence, where being independent does not mean going it alone," Malamed said.
"Together, the firms have an unprecedented opportunity to collectively redefine what it means to be a full-service, multi-channel independent wealth management enterprise that specializes in supporting only the most successful financial advisors with sophisticated businesses and accomplished clients," he explained.
