Ladenburg Thalmann Financial Services Inc. has completed its acquisition of Premier Trust Inc., Ladenburg Thalmann said in a statement on Thursday, September 2. It did not disclose the terms of the transaction. Ladenburg had announced its agreement to buy the Las Vegas-based provider of wealth management services from Western Alliance Bancorporation on April 26.
Premier Trust, whose services include trust administration, estate and financial planning, custody and investment services, is a nine-year-old Nevada-chartered trust company with some $530 million in assets under administration.
"This transaction is an important strategic step as our independent brokers seek to become the 'go to' advisor for their clients on all financial matters," Richard Lampen, president and chief executive of Ladenburg, said in the earlier announcement. "Premier is widely recognized as a leading provider of trust services and we believe that giving our network of independent advisors the unique ability to offer these services seamlessly to their clients will give them a competitive advantage and raise the level of service they can provide their clients.
Premier's president and chief executive Mark Dreschler and the rest of its management team will continue to operate Premier out of Las Vegas, Ladenburg said. Robert Bruderman, a member of Ladenburg's management committee and a co-founder of Premier and of Ladenburg's Triad Advisors subsidiary, will serve as Premier's board chairman.
The Miami-based Ladenburg Thalmann Financial Services engages in investment banking, equity research, institutional sales and trading, independent brokerage and advisory services, and asset management services through its principal subsidiaries, Ladenburg Thalmann & Co. Inc., Investacorp Inc. and Triad Advisors Inc.
Michael S. Fischer (firstname.lastname@example.org) is a New York-based financial writer and editor and a frequent contributor to WealthManagerWeb.com.