Orion enters deal to buy wealthtech Summit Wealth Systems

Có thể bạn quan tâm

Bạn đang xem: Orion enters deal to buy wealthtech Summit Wealth Systems

Summit CEO along with its 12 employees will join the Orion team. Credit: Amnaj Khetsamtip/Shutterstock.

Wealthtech solutions provider Orion has agreed to acquire Summit Wealth Systems, a technology provider for investment advisors.

Summit will operate as a brand entity within Orion.

Financial details of the deal remain undisclosed. The deal is slated for completion in early 2025, subject to standard closing conditions.

Upon completion of the deal, Summit CEO Reed Colley will move to Orion as the president of Orion Advisor Technology.

Colley, with 25 years of industry expertise, will report to Orion CEO Natalie Wolfsen.

In addition to Reed, 12 Summit employees will join the Orion team.

Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free
sample

Thank you!

Your download email will arrive shortly

We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form

Xem thêm : LGT Wealth Management initiates pass-through voting technology

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Private Banker International.

Xem thêm : CFAs, other advisors optimistic about AI — with some reservations

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Summit offers client reporting and portfolio management software designed for registered investment advisors (RIAs).

Wolfsen said: “Summit’s powerful software will further enhance our unified, flexible tech ecosystem. Reed is a visionary, innovative, highly experienced leader with a deep commitment to helping wealth businesses, financial advisors and investors thrive in today’s dynamic environment.

“With Reed and Summit on board, Orion will accelerate our growth and innovation, supporting financial advisors of all sizes and business models with pioneering, investor-centric technology.

“Together, we have a profound understanding of the unique challenges today’s advisors face, including the complexities of integrating disparate tech stacks and how to deliver personalised client experiences at scale.”

Earlier this month, Orion appointed Chris Shutler as the head of strategy. He reports to the company’s chief financial officer Mark Mayo.

In his new role, Chris leads the corporate strategy development and execution, including market analysis and growth opportunities.

As of 30 September 2024, Orion oversees $4.7tn in assets under administration and $72.5bn in wealth management platform assets, supporting over six million technology accounts and numerous independent advisory firms.