Independent broker-dealer consolidator Wentworth Management Services has bought Aurora Private Wealth.
The New York-based firm acquires and manages businesses in the wealth sector, specialising in the consolidation of broker-dealers to give technological access to financial advisers.
The full terms of the deal were not disclosed, and the purchase is subject to regulatory approval.
“Tim Smith and his team at Aurora have built a solid firm and together we intend to grow the platform firm to the next level,” said Wentworth chief executive Ryan Morfin.
“We are deeply committed to the hybrid, open architecture model that allows breakaway brokers to build their businesses at the clearing firms that they choose.
“Aurora has a strong and long-lasting relationship with Pershing, and we are very excited to open up this new chapter in Wentworth’s development.”
Seeking help to grow
Tim Smith, founder and chief executive of Aurora Private Wealth, said: “We were looking for a strategic partner to help Aurora continue to grow at a sustainable rate.”
Morfin explained that Wentworth’s business model is more the one of an owner and operator rather than just of an investor.
“Smith and his team will remain focused on adviser needs while having access to the expanded range of resources and support that Wentworth brings to the table,” he added.