Platform provider Orion Advisor Solutions says it is buying TownSquare Capital, an investment and trading platform that works with about 2,000 high-net-worth clients, for an undisclosed sum.
The move is expected to add $6 billion to the $60 billion in assets now on the Orion wealth management platform, according to the two firms.
The news comes three weeks after Orion announced its purchase of Redtail Technology, a web-based client relationship management software firm focused on the wealth management industry, for an undisclosed price. Orion currently works with some 2,300 independent advisory firms with $1.9 trillion in assets under administration.
“The addition of TownSquare will strengthen Orion’s wealth management capabilities for our growth-focused independent advisor clients by providing them with custom investment solutions via a full-service RIA platform,” Orion CEO Eric Clarke said in a statement.