Advent Software is for sale, with Frank Quattrone as the sales agent, reports say
The owner of Black Diamond is well along in the process of seeking someone to take it private, according to a Reuters report and anonymous RIABiz sources
A week after he became chairman of Eric Clarke's board, Charles Goldman is heading the search to replace Clarke as Orion CEO-- at Eric's direction
Eric Clarke founded Orion in 1999 and built it to a $3.6 trillion AUA juggernaut, but he believes both he and the company are ready for a big change
May 22, 2023 at 5:13 PM
Orion Advisor Solutions calls 6% staff reduction a 'final action,' after ballooning headcount 40-plus percent since 2020 by gorging on Brinker, Redtail and five other companies
The Omaha, Neb., administrator of $3.6 trillion will cut 'duplicative' back office jobs to reduce staff to 1,320 from about 1,400.
September 30, 2023 at 2:31 AM
Seven 'RIA' chief executives are stepping aside for CEO 'operators' as PE backers get 'trigger' happy in adverse market; here are their stories
Whether it's Edelman Financial Engines, SMArtX, Allworth or InvestCloud, the re-CEO-ing process follows a fat 2020 capital raise and thinner results in stormy financial markets.
September 7, 2023 at 9:46 PM
Cetera hiring Mike Durbin as CEO -- overseeing its existing 'CEO' -- completes Genstar's stellar HR week after it put Charles Goldman atop Orion's board -- with 'exponential' growth in mind for the 'middle market' companies
The Los Angeles broker-dealer nabbed the Fidelity legend to take its $118-billion AUM and 8,000 advisors higher, just as Orion -- also majority owned by Genstar -- makes a similar move.
May 18, 2023 at 1:46 AM
See more related moves
Park Sutton Advisors, LLC
Mergers and Acquisition Firm
Top Executive: Steven Levitt
This should be an interesting year in the RIA marketplace.
Good luck, Peter! All the best.
This rumor has been rumbling around for sometime now and finally the cat is out of the bag. Personally I think it is the only way that Advent can become an innovator. Jetisoning all the baggage that comes with being a public company will enable Mr. Hess to re-engage his stated purpose as announced at the Las Vegas Advent event in 2012.
I would be surprised if this had much impact on RIA firms in general. It may move some to re-evauate their investment in Advent products, however I think that will be the exception rather than the norm. After all as has been stated by articles here, it is a well known fact that advisors are cheap and are holding onto their cheap Axys licensing even if it is sans support.
On the other hand this is probably a disappointing development for some aspiring technology companies that may have been hoping to get scooped up by Advent in the near future. Alas all is not lost because if a deal is forthcoming I believe Advent will return to a course of acquisition even if the BlackDiamond acquisition didn’t pan out as expected.
For its competitors this is a boon. The spectre of acquisition and the transitionary period that follows will give Advent competitors room to ramp up a competitive bulwark. Now the competition just needs to figure out what to do with the edge.
At the end of the day Advent needs to become an innovator, something they lost touch with a long time ago. Taking itself private may be the medicine it needs to get there.
All in all I think this is a positive move for Advent and the industry at large.
Perhaps taking Advent out of the acquisition action could compel the competition to step up before they can enter that mode again.
As had already been stated it is going to be interesting out there. Lots of opportunity.