Brooke’s Note: As this story goes to press, Lisa Shidler is on the verge of wrapping up an article about Orion converting three prominent RIAs to its portfolio management systems. These converts to the Omaha tech firm prize independence, so anything that threatens that rare quality in a PMS provider gets our attention. That said, mergers have gone smoothly in this software segment and my conversation with Orion’s buyer and sellers had a low-key feel that suggests that Orion and its sister firms under NorthStar may just continue to grow in strength.
TA Associates will purchase a majority stake in Orion Advisor Services LLC as part of its purchase of its parent company, NorthStar Financial Services Group LLC, which has approximately $275 billion in assets under management and administration.
Northstar currently holds CLS Investments LLC, Gemini Alternative Funds, Gemini Fund Services, Gemini Hedge Fund Services, Northern Lights Compliance Services and Northern Lights Distributors.
With this purchase, the last of the big five RIA-portfolio-accounting firms has traded in its independence for a larger capital base, access to greater expertise and increased acquisition prowess. Joining Orion, the Omaha, Neb.-based ...