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Practice Mergers and Acquisitions

Purshe Kaplan Sterling Scooped Up By IBD Newcomer Wentworth Management Services

This marks Wentworth's first major acquisition of an IBD.

Albany, N.Y.-based independent broker/dealer Purshe Kaplan Sterling Investments has been acquired by Wentworth Management Services, a holding company that purchases broker/dealers and other firms in the wealth management space. This marks Wentworth’s first major acquisition of an IBD. Terms of the deal were not disclosed.

PKS, which currently has 485 branches and about 1,250 advisors, will largely remain unchanged, with its management team staying intact. The acquisition will provide balance sheet capabilities and more human capital, the firm said in a press release.

New York-based Wentworth is not a private equity fund, according to its website. “The strategic intent of Wentworth is to acquire broker dealers and capture the economies of scale needed to service financial advisors in today’s technology-enabled regulatory environment.” The firm also has a dealer manager business, investment banking division and wholesale distribution. It was launched in 2016. 

"There is a seminal change taking place right now in the wealth management industry as independent firms grow and gather assets to rival the wirehouses and large banks," Wentworth CEO Ryan Morfin said in a statement. "At the same time, costs of technology, security and compliance are rising and the industry is consolidating rapidly.”

In February, PKS was ordered by FINRA to pay $3.4 million in restitution to a Native American tribe for overcharging on non-traded REITs and Business Development Companies.

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