Omaha,Neb.-based Orion Advisor Solutions and Berwyn, Pa.-based Brinker Capital announced today the closing of their merger, bringing together one of the largest fintech providers for advisors with one of the largest privately held turnkey asset management programs.
The unified company now boasts a TAMP with $44 billion in assets serving more than 10,000 advisors, according to an Orion press release, while Orion’s technology continues to be used by approximately 2,100 firms with $1.3 trillion in assets under administration.
All told, the combined firm now serves 3.9 million accounts across tech and TAMP.
Orion’s Eric Clarke will lead as CEO of the combined business, and Noreen D. Beaman will become the president of Brinker Capital Investments, a fusion of Brinker’s in-house investment management with Orion’s CLS Investments subsidiary.
“With the merger of Orion and Brinker Capital, we are able to capture the momentum created by the increasing connectivity of technology and fiduciary advice, and channel it into the pursuit of a transformative advisor-client journey,” said Clarke and Beaman in joint released comments. “As our companies continue to grow together, our complementary strengths will drive the entire fiduciary process with planning tools, guided or open-architecture investment solutions, and behavioral insights; powering organic advisor growth through client satisfaction.”
Beginning next month, Brinker Capital’s multi-asset, risk-based portfolios will be available via Orion Portfolio Solutions and Orion Communities. Next year, Brinker Capital’s Wealth Advisory high-net-worth offering will be available to advisors using Orion.
Simultaneously, Brinker Capital clients will be able to access Orion tools like Market*r, Orion Planning and its new proposal generation technology.
San Francisco-based private equity firm Genstar Capital has made an investment in the combined firm, alongside Orion’s existing private equity partner TA Associates.
“It has been gratifying to play a part in the closing of this merger,” said Tony Salewski, managing director of Genstar Capital, in released comments. “It takes resilience and adaptability for financial services firms to thrive against the headwinds of a global pandemic and market uncertainty. Orion and Brinker Capital stand out in terms of their aligned vision, and have wasted no time magnifying their shared strengths. We look forward to seeing their next steps together as a unified force in the marketplace.”