The Indianapolis-based wealth management company Sanctuary Wealth has acquired tru Independence, a Portland, Oregon-based firm that manages $12.5 billion in assets across 30 RIAs.
The combined company will manage over $42 billion in assets from 120 independent wealth management firms across 30 states. Both Sanctuary and tru will continue to operate as distinct entities and maintain their existing leadership teams.
“This transformative acquisition significantly enhances our support for the industry’s most elite advisers everywhere, from wirehouse breakaways to already-independent advisers,” Sanctuary Wealth CEO Adam Malamed said in a statement.
KPMG acted as Sanctuary's due diligence adviser in the transaction, and Akin Gump Strauss Hauer & Feld LLP was its legal adviser. The acquisition of tru Independence comes a month after Vincita Investment Partners moved $700 million in client assets to Sanctuary.
“Our industry has reached a unique inflection point where there are exponentially greater growth opportunities than ever for elite financial advisers who aspire to be independent wealth management business owners,” Malamed said.