Wednesday, 19 June 2024

IQ-EQ enters US private wealth market with the acquisition of Concord Trust Company

5 min read

IQ-EQ, an Astorg portfolio company, is pleased to announce that it has signed terms to acquire Concord Trust Company (“Concord”), a leading independent U.S. based trust company, headquartered in South Dakota and with offices in South Dakota and New Hampshire. This transaction remains subject to state regulatory approval from the South Dakota Division of Banking.

This strategic transaction, the first for IQ-EQ in the U.S. Private Wealth space, adds further strength and depth to IQ-EQ’s growing U.S. operations and provides a well-established entry point to promote IQ-EQ’s globally renowned Private Wealth business to the highly attractive U.S. Private Wealth market. It follows closely on from IQ-EQ’s successful acquisitions of U.S. based Constellation Advisers LLC (January 2021) and Blue River Partners LLC (June 2020). The process of integrating Concord into the Group’s U.S. and global businesses will begin once the necessary regulatory approvals have been obtained.

 Founded in 2011 by Christopher “Chip” Martin (President) and principals of a New Hampshire law firm and joined thereafter by Andrew Powell (Chief Operating Officer), Concord focuses on open architecture, high-end professional independent trustee services and related administration and compliance services. It offers access to the well-established advantages of New Hampshire’s and South Dakota’s progressive and robust trust, regulatory and tax laws along with a strong judicial framework and access to local talent and good relative geographic proximity to key hubs in the U.S. It successfully leverages technology and has developed proprietary data aggregation and custodial mapping processes to improve efficiencies and scale operations. Concord’s employees are located across its two offices in New Hampshire and in South Dakota. Post completion IQ-EQ’s total U.S. based employees will number 331.

 This acquisition confirms IQ-EQ’s commitment to the U.S. market and takes the Group one-step closer to achieving its strategic objective of becoming the leading independent investor services provider globally.

 On transaction completion Mark Fordyce will assume overall responsibility for the Group’s expanded U.S. operations. Concord’s management team of Christopher “Chip” Martin and Andrew Powell will continue in their existing roles as President and Chief Operating Officerrespectively. Chip will link into our U.S. leadership team and will also join our global Private Wealth leadership committee led by Steve Sokić our Group Head of Private Wealth.

 Work to rebrand the Concord business to IQ-EQ will commence once regulatory approval for the acquisition is received. In the interim period, the business will continue to be promoted in the U.S. under the Concord brand name.

Speaking about this transaction, IQ-EQ Group Executive Chairman Serge Krancenblum commented: “I’m delighted to welcome Chip, Andrew and the rest of the Concord team to IQ-EQ. 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. 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.”

Steve Sokić, Group Head of Private Wealth IQ-EQ, added: “As part of our wider group strategy we’re committed to continuing to build IQ-EQ’s reputation as the leading global provider of independent trustee services, as well as outsource partner of choice for other administrative, reporting and compliance services to (U)HNW families, executives, entrepreneurs and their family offices. We have a long and established legacy reputation in the Private Wealth trust sector globally and can with confidence say that such fiduciary expertise is very much part of our Group’s DNA. I’m excited about the prospect of working with Chip and the rest of the Concord team and look forward to what the future has to offer.”

Commenting on this transaction, Christopher “Chip” Martin, President of Concord, said, “We are very excited to join forces with IQ-EQ -- a global independent trust and financial services market leader.  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.  I believe 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.  I look forward to working with the IQ-EQ management team and the rest of my new colleagues worldwide to develop scale and expanded service offerings that will drive our next phase of growth.”


Re-disseminated by The Wealth and Society

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