Wentworth Management Services LLC announced today it has acquired Aurora Private Wealth, an investment advisor and independent broker-dealer in Rockaway, N.J.
Aurora's RIA has $616 million under management and its broker-dealer has $2.1 billion, the company said.
It is Wentworth's fifth acquisition, the company said in a press release.
"[Aurora CEO] Tim Smith and his team at Aurora have built a solid firm, and together we intend to grow the platform firm to the next level," Wentworth CEO Ryan Morfin said in a prepared statement. "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. 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, headquartered in New York City, is a holding company that acquires and manages businesses in the wealth management industry. The company describes itself as a "broker-dealer consolidator that acts as a long-term owner and operating partner" for broker-dealers and other independent wealth management firms.
"We were looking for a strategic partner to help Aurora continue to grow at a sustainable rate," Smith, the founder of Aurora Private Wealth, said in a prepared statement. "It quickly became obvious that Wentworth's business model and vision were a perfect fit and one that will allow me to spend more time doing what I love most about this business—working hand-in-hand with clients and advisors."
Terms of the deal, which are pending regulatory approval, were not disclosed, according to the release.
"Wentworth's acquisition of Aurora will change little at the firm on a day-to-day basis," the release said. "Smith and his team will remain focused on advisor needs while having access to the expanded range of resources and support that Wentworth brings to the table."
Wentworth's other platform companies include Purshe Kaplan Sterling, a broker-dealer and financial services firm in Albany, N.Y., that it acquired in 2017; Independent Planners Group, an insurance brokerage general agency in Scottsdale, Ariz.; and Cabot Lodge Securities, a financial services firm in New York offering a both traditional investments and boutique-style alternative investment solutions, the release said.
"Wentworth acts as more than just an investor, but rather as an owner and operator who brings financial, intellectual and human capital to our platform companies," Morfin said.
Correction: An earlier version of this story incorrectly stated Aurora has $426 million AUM.