IQ-EQ to Acquire $1.9B Private Wealth Firm in South Dakota

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Concord also “successfully leverages technology and has developed proprietary data aggregation and custodial mapping processes to improve efficiencies and scale operations,” according to IQ-EQ. Concord’s employees are located across its two offices in New Hampshire and South Dakota.

The acquisition will also bring IQ-EQ “one step closer to achieving its strategic objective of becoming the leading independent investor services provider globally,” it said.

Once the purchase is completed, Mark Fordyce will assume overall responsibility for the group’s expanded U.S. operations. Concord’s management team of Martin and Powell will continue in their existing roles. Martin will also join IQ-EQ’s global private wealth leadership committee, which is led by Steve Sokić, group head of private wealth.

“As part of our wider group strategy we’re committed to continuing to build IQ-EQ’s reputation as the leading global provider of independent trustee services, as well as outsource partner of choice for other administrative, reporting and compliance services” to ultra-high-net-worth families, executives, entrepreneurs and their family offices, according to Sokić.

Work to rebrand the Concord business to IQ-EQ will start once regulatory approval for the acquisition is received, it said. Until then, the business will continue to be promoted in the U.S. under the Concord brand name, IQ-EQ added.

“IQ-EQ brings expertise and added resources that will help Concord Trust further support our clients and employees, and keep us on our successful growth path,” Martin said. “I believe their model of providing independent and complementary fiduciary and related administration services to clients’ trusted investment, legal and estate planning advisors matches well with our independent professional trustee model,” he said in a statement.