FTJ FundChoice will combine with CLS Investments’ turnkey asset management platform business in early 2019, leaving the combined businesses with more than $14 billion in TAMP assets and $4 billion in other assets, WealthManagement.com writes.
What Advisors Can Expect From the FTJ Transition
This follows the acquisition of FTJ FundChoice by CLS Investments’ parent company NorthStar Financial Services Group in 2018, according to the publication. The transition will be headed up by FTJ CEO Dean Cook, while Ryan Beach, currently CEO of CLS, will become president at FTJ, WealthManagement.com writes.
The transition will enable CLS to focus on investment management, with Rusty Vanneman as president and chief investment officer, WealthManagement.com writes. Furthermore, the initiative will allow advisors currently on the CLS system to use FTJ’s investment strategists, according to the publication.
NorthStar Financial Services Group is also the parent company of Orion Advisor Services, and this acquisition brings their technology one step closer to competing with larger rivals such as Envestnet, WealthManagement.com writes.