TA Associates, a leading global growth private equity firm, today announced it has signed a definitive agreement to acquire a majority interest in NorthStar Financial Services Group, LLC, and its nine subsidiary wealth management industry service providers. NorthStar’s management team will remain significant owners following closing, which is expected to occur in the second quarter of 2015. Additional terms of the transaction were not disclosed.
“NorthStar and its talented management team have created a platform that serves multiple channels within the global wealth management industry, from money management and pooled investment solutions to integrated technology and compliance services,” said M. Roy Burns, a Managing Director at TA Associates who will join NorthStar’s Board of Directors. “NorthStar’s compelling business model adds value for its clients, resulting in an excellent record of growth. TA Associates’ considerable experience in financial services enables us to offer strategic counsel and resources to augment NorthStar’s organic growth and pursue strategic acquisitions to build long-term value.”
With approximately $275 billion in assets under management and administration, NorthStar provides a wide array of support services to registered investment advisors (RIAs), independent broker dealers (IBDs) and investment management firms. The company’s primary business units are CLS Investments, Gemini Alternative Funds, Gemini Fund Services, Gemini Hedge Fund Services, Northern Lights Compliance Services, Northern Lights Distributors and Orion Advisor Services. NorthStar has approximately 700 employees and is headquartered in Omaha, Nebraska, with additional offices in Hauppauge, New York; Chicago, Illinois; Mill Creek, Washington; and Scottsdale, Arizona.
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