- Equitable Holdings ( NYSE: EQH ) on Wednesday has purchased Penn Investment Advisors , to expand its wealth management business, Equitable Advisors, which has $70.8B in assets under administration and 4.2K financial professionals.
- PIA, a Pennsylvania-based registered investment adviser and subsidiary of Penn Community Bank, has $600M in AUA and serves 950 clients.
- "We will continue to focus on growing organically and through strategic acquisitions as part of our robust growth strategy,” said David Karr, chairman of Equitable Advisors.
- As part of the deal, PIA President Christian Wagner, Chief Operating Officer Sean Schmid and the firm's team of financial advisors will join Equitable ( EQH ). They will keep providing wealth management and advisory services to PIA and Penn Community Bank clients.
- David Fleisher, co-head of Equitable Advisors’ Philadelphia market, will oversee the new venture.
- The acquisition, of which terms were not disclosed, is expected to close in Q4.
- Earlier this week, (August 16) KKR's Global Atlantic in $10B group annuity reinsurance pact with Equitable .
For further details see:
Equitable Holdings acquires Penn Investment Advisors to expand wealth manager unit