IQ-EQ, an Astorg portfolio company, has signed terms to acquire Concord Trust Company, an independent U.S. based trust company, headquartered in South Dakota and with offices in South Dakota and New Hampshire. This strategic transaction, the first for IQ-EQ in the U.S. private wealth space. It follows closely on from IQ-EQ’s successful acquisitions of U.S. based Constellation Advisers LLC (January 2021) and Blue River Partners LLC (June 2020).
On transaction completion Mark Fordyce will assume overall responsibility for the group’s expanded U.S. operations. Concord’s management team of Christopher Martin and Andrew Powell will continue in their existing roles as president and chief operating officer, respectively. Chip will link into its U.S. leadership team and will also join the global private wealth leadership committee led by Steve Sokić our group head of private wealth.
IQ-EQ group executive chairman Serge Krancenblum commented, “I’m delighted to welcome Chip, Andrew and the rest of the Concord team to IQ-EQ. This latest investment, our first in the U.S. Private Wealth space, represents an extremely important and strategic step in our journey to become the leading service provider operating in the investor services space. Our company cultures, operational similarities and focus on providing high touch client service make for the perfect partnership.”
Sokić said, “As part of our wider group strategy we’re committed to continuing to build IQ-EQ’s reputation as the leading global provider of independent trustee services, as well as outsource partner of choice for other administrative, reporting and compliance services to (U)HNW families, executives, entrepreneurs and their family offices. We have a long and established legacy reputation in the Private Wealth trust sector globally and can with confidence say that such fiduciary expertise is very much part of our group’s DNA. I’m excited about the prospect of working with Chip and the rest of the Concord team and look forward to what the future has to offer.”
Martin added, “We are very excited to join forces with IQ-EQ — a global independent trust and financial services market leader. IQ-EQ brings expertise and added resources that will help Concord Trust further support our clients and employees, and keep us on our successful growth path. I believe their model of providing independent and complementary fiduciary and related administration services to clients’ trusted investment, legal and estate planning advisors matches well with our independent professional trustee model.”