Equitable Announces Acquisition of Penn Investment Advisors
17 August 2022 - 10:15PM
Business Wire
Acquisition advances Equitable’s wealth
management growth strategy
Equitable, a leading financial services company and principal
franchise of Equitable Holdings, Inc. (NYSE: EQH), announced today
the acquisitioni of Penn Investment Advisors, Inc. (PIA), a
registered investment adviser and subsidiary of Penn Community
Bank. The acquisition is expected to close in the fourth quarter of
2022.
Headquartered in Bucks County, Pa., Penn Investment Advisors has
$600 million in assets under administration and serves 950 clients.
This announcement advances Equitable’s strategy to grow its wealth
management business, Equitable Advisors, LLC, which has $70.8
billion in assets under administration (as of 6/30/22) and c. 4,200
financial professionals.
“We are proud to welcome the clients and advisors of Penn
Investment Advisors to Equitable,” said David Karr, Chairman of
Equitable Advisors. “Equitable’s value proposition for RIAs and
wealth management firms resonates loudly in the marketplace. We
will continue to focus on growing organically and through strategic
acquisitions as part of our robust growth strategy.”
As part of the transaction, PIA’s leadership, including
President Christian Wagner, Chief Operating Officer Sean Schmid,
and PIA’s team of financial advisors will join Equitable and
continue to provide wealth management and advisory services to PIA
and Penn Community Bank clients.
“Navigating a complicated, ever-changing investment landscape
gets much easier when you have the right financial partner on your
side,” said Christian Wagner, President of Penn Investment
Advisors. “It was critical for us to partner with a wealth
management firm with a client-first culture that could provide a
seamless transition for our clients and advisors at Penn Investment
Advisors.”
Equitable Advisors’ consultative and holistic approach to
financial planning goes beyond investments to provide individuals,
families and small to medium-sized businesses with support that
considers life goals, business goals, family situations, lifestyle
and purpose.
David Fleisher, Co-Head of Equitable Advisors’ Philadelphia
market, will oversee the new venture. This long-term relationship,
designed to offer wealth management services to the clients of Penn
Community Bank, is Equitable’s second strategic relationship with a
leading institution in the Philadelphia market.
About Equitable
Equitable, a principal franchise of Equitable Holdings, Inc.
(NYSE: EQH), has been one of America’s leading financial services
providers since 1859. With the mission to help clients secure their
financial well-being, Equitable provides advice, protection and
retirement strategies to individuals, families and small
businesses. Equitable has more than 8,000 employees and Equitable
Advisors financial professionals and serves 2.8 million clients
across the country.
About Penn Investment Advisors
At Penn Investment Advisors, we have only one focus: you. It’s
our mission to provide our customers with comprehensive guidance
and perspective to help them build a customized plan to grow their
financial resources. Our dedicated team works to customize our
asset management and investment strategies to suit and achieve
financial goals at every stage of life.
Reference to the 1859 founding refers specifically and
exclusively to Equitable Financial Life Insurance Company
(Equitable Financial) (NY, NY). Duly-registered Equitable Advisors
Financial Professionals offer securities through Equitable
Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC, a
broker-dealer (Equitable Financial Advisors in MI & TN) and
offer investment advisory products and services through Equitable
Advisors, LLC, an SEC-registered investment advisor. Equitable
Advisors and its affiliates and associates do not offer banking
services. Equitable is the brand name of the retirement and
protection subsidiaries of Equitable Holdings, Inc.
GE-4848794.1(07/22)(exp.07/24)
___________________________ iThe acquiring legal entity is
Equitable Distribution Holding Corporation, an indirect subsidiary
of Equitable Holdings and the parent company of Equitable Advisors,
LLC.
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version on businesswire.com: https://www.businesswire.com/news/home/20220816005934/en/
Media: Monique Freeman (212) 314-2010
mediarelations@equitable.com
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