IQ-EQ enters US private wealth market with Concord Trust buy

Posted: 08/04/2021

MarkFordyce_IQ-EQ US_apr21IQ-EQ has signed terms to acquire Concord Trust Company, a US business with offices in South Dakota and New Hampshire. The transaction is subject to state regulatory approval from the South Dakota Division of Banking.
 
This is the first deal for IQ-EQ in the US private wealth space, and follows its acquisitions of US-based firms Constellation Advisers in January and Blue River Partners last June. 

Founded in 2011, Concord focuses on open architecture, independent trustee services and related administration and compliance services. It has developed proprietary data aggregation and custodial mapping processes to improve efficiencies and scale operations. 
 
Concord will be integrated into IQ-EQ’s US and global businesses as soon as regulatory approvals have been obtained. In the interim, the business will continue to operate in the US under the Concord brand. 
  
On completion, Mark Fordyce (pictured), CEO of Blue River & IQ-EQ US Funds, will assume overall responsibility for the group’s expanded US operations.

Concord’s management team of Christopher Martin and Andrew Powell will continue in their existing roles as President and Chief Operating Officer, respectively. 


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