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IQ-EQ Buys Another US Business, Pushes Into Private Wealth Space

The acquisition follows IQ-EQ’s purchases of Constellation Advisers (January 2021) and Blue River Partners (June 2020). The Concord acquisition is the first in the US private wealth space.
IQ-EQ, the private
equity-owned global services group, has agreed to buy Concord Trust
Company, adding to its run of US acquisitions over the past
year.
Concord Trust Company is based in South Dakota and has offices in
New Hampshire. The transaction is subject to state regulatory
approval from the South Dakota Division of Banking, the firm said
in a statement yesterday.
The financial terms of the agreement were not disclosed.
The acquisition follows IQ-EQ’s purchases of Constellation
Advisers (January 2021) and Blue River Partners (June 2020).
The process of integrating Concord into the group’s US and global
businesses will begin once the necessary regulatory approvals
have been obtained, it said.
The Concord acquisition is the first in the US private wealth
space, it said (the other firms operated within the investment
management services area rather than private wealth). Concord was
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).
When the deal is complete, IQ-EQ will have a total of 331
US-based employees. Work to rebrand the Concord business to IQ-EQ
will start once regulators give the deal the green light. In the
interim period, the business will continue to be promoted in the
US under the Concord brand.
Mark Fordyce will be in charge of the group’s US operations when
the transaction is signed off; Martin and Powell will retain
their existing roles. Martin also joins IQ-EQ’s private wealth
leadership committee, led by Steve Sokic, group head of private
wealth. (This news service interviewed Sokic in
March)