Arete Wealth agreed to purchase Nashville-based Center Street Securities, which has 112 advisors and $1.04 billion in total client assets, the firm said Jan. 15. The parties didn’t disclose the financial terms of the deal, which is expected to close next week ahead of FINRA’s 30-day waiting period for approving the formal merger, Arete founder and CEO Josh Rogers said in an interview.
As the No. 47 firm on Financial Planning’s IBD Elite rankings, Chicago-based Arete generated $36.5 million in revenue in 2019. The firm’s revenue jumped by 21% in 2019, and it has a specialty in alternative investments for high-net-worth and ultrahigh-net-worth clients.
Read the full story from industry publication Financial Planning.