Vestmark Closes Acquisition of Adhesion

#Lifestyle Wealth


Vestmark has closed on its acquisition of the unified managed account platform Adhesion Wealth Advisor Solutions, expanding the firm’s manager marketplace. The deal was originally announced in October.

Adhesion, which has over $13 billion in assets under administration and $3 billion in UMA assets under management, had been a Vestmark client for the past decade. It utilized VestmarkONE to build a set of tools and services on top of the wealth management platform, providing RIA clients with a variety of services, including portfolio solutions, tax management and training and support. 

The UMA platform will provide Vestmark, which recently announced crossing $1 trillion in AUM, with cross-business opportunities and a gateway into the RIA space, according to Vestmark CEO John Lunny. “This combination enables us to provide a rich RIA experience without crossing the line into becoming a TAMP or managing money. We also see an opportunity for our asset management clients to expand their reach and benefit from our larger, combined manager marketplace,” he said.

Vestmark is expecting the advisor marketplace to merge the customization of advisor-as-portfolio-manager with packaged products like firm-level oversight and outside advice, according to Rob Klapprodt, the firm’s president. The firm will also benefit from bringing Adhesion eXchange in-house, he said at the T3 Enterprise Conference last month. The hub allows advisors to access and solicit boutique investment strategies from experts, expanding the advisors’ own investment expertise.

Adhesion’s co-founder Barrett Ayers was named president as part of the deal. He said advisors will benefit from the improved onboarding and more economical ownership costs that the acquisition will facilitate. Terms of the deal were not disclosed.

https://www.wealthmanagement.com/technology/vestmark-closes-acquisition-adhesion

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