Orion to Acquire TownSquare Capital and Expand its Wealth Management Operations

OMAHA, Neb., & PROVO, Utah – (BUSINESS WIRE) – Orion Advisor Solutions, a leading provider of transformative wealthtech solutions for fiduciary advisors, announced today a definitive agreement to expand its existing wealth management business by acquiring TownSquare Capital (TownSquare). Serving the financial advisor community with best-in-class investment strategies, TownSquare is a boutique, full-service investment and trading platform with an institutional mindset toward portfolio construction.

“The addition of TownSquare will strengthen Orion’s wealth management capabilities for our growth-focused independent advisor clients by providing them with custom investment solutions via a full-service RIA platform. TownSquare’s appeal to high-net-worth investors aligns well with our focus on growing our Wealth Advisory business, ”said Eric Clarke, founder and CEO of Orion. “We’re excited to add TownSquare to our wealth management business, creating more value for advisors seeking a highly integrated, most-in-one technology suite.”

Founded by a team of former fund managers in 2018, TownSquare serves independent wealth advisors, institutions, high-net-worth individuals, family offices, accounting firms, and banks. The Provo, Utah-based firm has 50 employees, nearly $ 6 billion in assets under management, and works with over 2,000 high-net-worth clients.

TownSquare provides its advisor clients with a turnkey investment and trading platform that includes asset gathering, portfolio analysis and tailored construction, custom trading and tax optimization, analytics, processing, reporting, and billing. It is designed to give clients confidence in the high-quality assets they own – even in times of market stress. TownSquare adds alpha by utilizing some of the industry’s best institutional money managers and their fundamental, high-conviction, high active-share strategies while maintaining a keen focus on tax efficiency, lower fees, and transparency.

“TownSquare is entering this transaction from a place of strength. The additional capital provided by Orion will assist in our growth across key product areas and enable us to build an outsourced CIO offering that surpasses that of others in the industry, ”said TownSquare CEO and Chief Investment Officer Kurt Brown. “Additionally, it will provide greater economies of scale by broadening a wide range of investment products and solutions, expanding distribution, and enhancing technology. TownSquare’s advisor clients will benefit from this transaction by utilizing Orion’s open architecture, most-in-one wealth management and technology platform that will give clients more investment options and enhanced support in a seamless experience, ultimately saving them time and money. ”

Post-close, Brown will become Orion’s Chief of OCIO Services reporting to the Office of the CEO. In addition to Brown, TownSquare’s executive leadership team and employees will continue working out of their existing locations as part of TownSquare, which will remain a wholly owned indirect subsidiary of Orion Advisor Solutions.

The transaction is expected to close by early third quarter of 2022 following the completion of customary closing conditions. After the deal is complete, the combined wealth management platform capabilities are expected to come to market quickly. Additional transaction details will not be disclosed.

To learn more, visit the Resource Center at https://orion.com/townsquare/.

About Orion Advisor Solutions

Orion is a premier provider of the tech-enabled fiduciary process that transforms the advisor-client relationship by enabling financial advisors to Prospect, Plan, Invest, and Achieve within a single, connected, technology-driven experience. Combined, our brand entities, Orion Advisor Tech, Orion Portfolio Solutions, Brinker Capital Investments, HiddenLevers, and BasisCode create a complete offering that empowers firms to attract new clients seamlessly; connect goals more meaningfully to investment strategies and outcomes, and ultimately track progress toward each investor’s unique definition of financial success. As a result, Orion supports more than 2,300 independent advisory firms with $ 1.9 trillion in assets under administration and $ 60 billion of wealth management platform assets (as of March 31, 2022), making Orion the platform of choice for all growth-focused advisory firms looking to strengthen their client relationships, gain a competitive edge in a crowded marketplace, and build strong, profitable businesses. Learn more at www.orion.com.

About TownSquare Capital

TownSquare is a boutique, full-service investment and trading platform with an institutional mindset toward portfolio construction. Founded in 2018 in Provo, Utah, TownSquare serves the financial advisor community by providing best-in-class investment strategies. The TownSquare investment platform is a flexible chassis designed to augment clients’ current investment program. Clients include wealth advisory firms and institutions such as family offices, corporations, endowments, foundations and governments. Services are offered a-la-carte or as a turn-key investment and operations team. Visit www.townsquarecapital.com for more information.

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