Sequoia Monetary Group, a $19 billion wealth administration agency, is buying the wealth observe of Eide Bailly LLP, a big nationwide accounting agency.
The deal, which brings a further $1.6 billion in advisory belongings to Sequoia, additionally contains the institution of an ongoing strategic partnership that can see each corporations assist the wants of their shared purchasers.
The corporations anticipate the transaction to shut within the fourth quarter. As a part of the settlement, the Securities and Trade Fee-registered Eide Bailly Advisors LLC will change into a part of Sequoia Monetary Group, and Eide Bailly will take an fairness funding in Sequoia.
Brad Kelley, principal and wealth chief for Eide Bailly Advisors, will change into an govt vp of company growth for Sequoia Monetary, answerable for main joint initiatives between the 2 corporations.
Headquartered in Fargo, North Dakota, Eide Bailly has over $700 million in annual income and greater than 3,500 workers in 40 U.S. places of work, in accordance with the announcement. Its wealth administration observe serves people, trusts, estates, pensions, profit-sharing plans, companies and charitable organizations.
Eide Bailly Advisors had 16 advisors as of Aug. 12.