Arete Closes Deal To Acquire $1.04B Hybrid RIA Center Street

Arete Wealth, a national independent broker-dealer, registered investment advisor, and insurance firm headquartered in Chicago, has completed its previously announced acquisition of Center Street Securities, a Nashville-based securities broker-dealer with $1.04 billion in client assets, the companies said earlier this week.

Center Street was founded in 1990 as Elliott Financial Services. Current CEO Jack (JR) Thacker purchased the firm in 2007 and renamed it Center Street Securities. By 2009, the firm had grown to 100 financial advisors.

Now that the transaction has closed, Arete Wealth will have a total of $5.7 billion in assets under management (AUM) and 265 registered representatives nationwide—a 75% increase. The deal will also grow Arete Wealth’s revenue by 40%, the company said.

Read the full story from FA Magazine’s Private Wealth.