Wentworth Buys $2.7 Billion Hybrid
Wentworth Management Services LLC, an independent broker-dealer holding company, has acquired Aurora Private Wealth, a Rockaway, New Jersey-based hybrid registered investment advisor/IBD firm that manages $2.7 billion in client assets. Financial terms were not disclosed.
Wentworth Management Services LLC, an independent broker-dealer holding company, has acquired Aurora Private Wealth, a Rockaway, New Jersey-based hybrid registered investment advisor/IBD firm that manages $2.7 billion in client assets. Financial terms were not disclosed.
Wentworth is a broker-dealer consolidator that acts as a long-term owner and operating partner for broker-dealers and other firms in the independent wealth management channel.
Its other platform companies include Purshe Kaplan Sterling, a full-service, broker-dealer and financial services firm headquartered in Albany, New York acquired in 2017; Independent Planners Group, an insurance brokerage general agency in Scottsdale, Arizona; and Cabot Lodge Securities, a New York financial services firm offering a combination of traditional and alternative investment solutions.
“We are deeply committed to the hybrid, open architecture model that allows breakaway brokers to build their businesses at the clearing firms that they choose,” said Wentworth chief executive officer Ryan Morfin. “Aurora has a strong and long-lasting relationship with Pershing and we are very excited to open up this new chapter in Wentworth’s development.”
Wentworth said that its acquisition of Aurora will change little at the firm on a day-to-day basis.
Wentworth Management Services specializes in consolidating independent broker-dealers and also includes a dealer manager business, investment banking division and a wholesale distribution division.
