IQ-EQ, an Astorg portfolio company headquartered in Luxembourg, Belgium, has signed an agreement to acquire Concord Trust Company, which operates offices in Rapid City, S.D. and Bedford, N.H., the companies announced in a news release.
With the addition of Concord’s $1.9 billion in client assets, IQ-EQ will have a global total of $500 billion in total assets under advisement (AUA).
In discussing the acquisition in the news release, IQ-EQ Group Executive Chairman Serge Krancenblum said it was mutually beneficial for both companies.“This latest investment, our first in the U.S. Private Wealth space, represents an extremely important and strategic step in our journey to become the leading service provider operating in the investor services space,” he said. “Our company cultures, operational similarities and focus on providing high touch client service make for the perfect partnership. We believe that this transaction is good for clients, good for employees and good for IQ-EQ.”
The announcement follows on the heels of IQ-EQ’s January 2021 acquisition of Constellation Advisers LLC and its June 2020 acquisition of Blue River Partners LLC, both headquartered in New York City. With the addition of the Concord transaction, IQ-EQ will have a total of 331 U.S.-based employees, expanding its global workforce to more than 3,000 people.
IQ-EQ said it will begin the process of integrating Concord into its U.S. and global businesses once the necessary regulatory approvals have been obtained. Upon closing of the transaction, IQ-EQ will rebrand the Concord business, which will continue to operate under its current name in the interim.
Founded in 2011 by the firm’s current president, Christopher “Chip” Martin, Concord’s website states that it focuses on helping wealthy families and their trusted advisors realize the many benefits of directed trusts in favorable trust and tax law jurisdictions.
According to Martin, his firm’s new partnership with IQ-EQ will be key to scaling it.
“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,” he said in the news release. “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.”
Under terms of the M&A deal with IQ-EQ, Martin will join the IQ-EQ global Private Wealth leadership committee led by group head Steve Sokić, while continuing in the role of Concord’s president. Andrew Powell, a principal of Concord, will continue to serve as the firm’s chief operating officer (COO). Both Martin and Powell will report to Mark Fordyce, who will head IQ-EQ’s expanded U.S. operations.
Financial details of the transaction were not disclosed.