Sequoia Monetary Group, a $19 billion wealth administration agency, is buying the wealth follow of Eide Bailly LLP, a big nationwide accounting agency.
The deal, which brings a further $1.6 billion in advisory belongings to Sequoia, additionally consists of the institution of an ongoing strategic partnership that can see each corporations assist the wants of their shared shoppers.
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 turn 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 turn into an government vp of company improvement for Sequoia Monetary, chargeable 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 staff in 40 U.S. workplaces, in accordance with the announcement. Its wealth administration follow serves people, trusts, estates, pensions, profit-sharing plans, companies and charitable organizations.
Eide Bailly Advisors had 16 advisors as of Aug. 12.