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Foreside Expands Compliance and Regulatory Market Share

Less than a year after Foreside acquired NCS Regulatory Compliance, the firm is buying another compliance consulting firm, Compliance Advisory Services.

Financial consulting firm Foreside Financial Group has acquired Compliance Advisory Services, an Atlanta-based compliance consulting firm focused on the broker/dealer space. The deal comes less than a year after Foreside acquired NCS Regulatory Compliance, which provides outsourced compliance to registered investment advisors and b/ds, and two years after the firm was purchased by private equity firm Lovell Minnick Partners.

Terms of the deal were not disclosed. The acquisition is the latest in a series of planned roll-ups aimed at expanding Foreside’s market share in the regulatory compliance consulting and tech space for broker/dealers.

Foreside is headquartered in Portland, Maine, but also has offices in New York, Boston, Berwyn, Pa., Columbus, Ohio, Londonderry, N.H., Concord, N.H. and Delray Beach, Fla. 

Foreside will keep Compliance Advisory Services’ consultant model intact, and will also introduce its proprietary compliance technology.

In February 2017, private equity firm Lovell Minnick Partners bought a majority stake in Foreside, which provides fund, b/d and advisor compliance services. It also provides consulting, legal underwriting, FINRA licensing to U.S. and non-U.S. sponsors of closed-end funds, mutual funds, exchange traded funds and private placements, as well as retail and institution b/ds and asset managers.

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