TAMP GeoWealth Buys First Ascent

What You Need to Know

Platform assets will total $21 billion as a result of GeoWealth’s purchase of First Ascent.
First Ascent is bringing about $1.5 billion of that to GeoWealth, a spokesperson said.
Denver-based First Ascent will maintain its brand identity and operate as an independent subsidiary of Chicago-based GeoWealth.

GeoWealth is acquiring First Ascent Asset Management in a deal that will enable GeoWealth to serve “growth-minded” registered investment advisors of all sizes with a full-service turnkey asset management platform, the company said Thursday.

Combined platform assets will total $21 billion, with First Ascent bringing about $1.5 billion, a GeoWealth spokesperson told ThinkAdvisor.

As part of the deal, First Ascent will migrate to the GeoWealth platform and “leverage its purpose-built, fully integrated technology platform,” GeoWealth said.

Denver-based First Ascent will maintain its brand identity and operate as an independent subsidiary of Chicago-based GeoWealth. First Ascent’s investment offering, service model and flat-fee schedule will also remain unchanged.

But First Ascent’s advisor clients will now have access to expanded capabilities that include back-office efficiencies and flexible, customizable unified managed account offerings.

First Ascent will operate as an independent subsidiary of GeoWealth, and its existing team will “remain in place to support advisors and manage portfolios that are appropriately tailored to meet clients’ needs,” GeoWealth said.

The deal is “expected to close within the next 30 days,” the spokesperson said. Terms weren’t immediately disclosed.

GeoWealth’s purchase of First Ascent also “reflects its continued commitment to delivering a flexible, customizable and user-friendly platform designed to help advisors better serve their clients and achieve greater efficiency within their practice,” the company said.

“First Ascent’s boutique offering will further bolster GeoWealth’s service model, enabling the firm to expand focus to serving RIAs ranging from growth-oriented state-registered firms to multi-office national brands,” according to GeoWealth.