Arete Wealth, an independent broker-dealer, registered investment advisor, and insurance firm, has completed its acquisition of Center Street Securities, a Nashville-based securities broker-dealer and registered investment advisor founded in 1990.
Arete’s acquisition of Center Street was a stock purchase transaction, and the firm now has a total of $5.7 billion of assets under management, 265 registered representatives, and 100 offices across the United States. The combined firms’ 2020 revenue was approximately $60 million.
The companies will combine their entities throughout 2021, and after an appropriate period of integration, both firms will present under the Arete Wealth Inc. brand.
Joshua Rogers, Arete’s founder and chief executive officer, noted that Center Street’s belief in endowment-style investing for high-net-worth clients is consistent with Arete’s investment philosophy. Further, with its concentration on publicly registered offerings for non-accredited investors, Center Street expands Arete’s focus on Regulation D offerings for accredited investors, he said.
“During our talks, it become apparent to me that Center Street was attracted to Arete Wealth because of our firm’s deep due diligence in alternative investments, seasoned regulatory compliance team, and advanced technology solutions,” Rogers explained. “When you add our common vision for growth, it quickly became clear that Arete Wealth and Center Street were perfect partners.”
Arete Wealth has provided high-net-worth investors with alternative investment access, investment banking, private equity programs and other traditional financial planning since 2007.