Arete Wealth to grow by over $1B with Center Street acquisition
CHICAGO, Ill., January 14, 2021 – Arete Wealth – an independent Broker-Dealer (BD), Registered Investment Advisor (RIA), and Insurance firm headquartered in Chicago – will acquire Center Street Securities in Q1 2021.
Center Street Securities is a Nashville-based securities broker-dealer with $1.04B in assets under management. Founded in 1990 as Elliott Financial Services, current CEO Jack (JR) Thacker purchased the firm in 2007, renamed it Center Street Securities, and grew the firm to 100 financial advisors by 2009.
Heading into 2021 following the formal acquisition, Arete Wealth will have $5.5B of assets under management and 265 registered representatives nationwide, a 75% increase in reps. The deal will grow Arete Wealth’s revenue by 40%.
Arete Wealth Founder & CEO Joshua D. Rogers shared his excitement for the partnership, saying “Center Street is the perfect complement to Arete Wealth for many reasons. Among them, we both share a strong belief in endowment-style investing for our high-net worth clients. Arete Wealth specializes in bespoke alternative investments and adding Center Street’s strength in this area to our industry-leading position makes us the premier choice for alternative investment prowess.”
Following the acquisition, the combined companies anticipate distributing approximately a quarter billion dollars in alternative investments in 2021 based on previous years’ performance.
Thacker joins Rogers in his enthusiasm, saying Arete Wealth’s dedication to excellence made it the right move. “When I became familiar with Josh Rogers and his vision for Arete, I knew he was the right person to take Center Street, our advisors, and our investors to the next level,” Thacker said. “Joining Arete Wealth ensures Center Street continues to deliver top-notch support to our advisors and clients while leveraging Arete’s deep due diligence in alternative investments, a seasoned regulatory compliance team, and advanced advising technology solutions.”
The companies will strategically combine their entities throughout 2021. After an appropriate period of integration, both firms will present under the Arete Wealth, Inc. brand.
About Arete Wealth
Arete Wealth is a full-service Broker-Dealer (BD), Registered Investment Advisor (RIA) and Insurance firm. The firm has smartly guided advisors and high-net-worth investors through alternative investment access, investment banking, private equity programs and other traditional financial planning since 2007. Annually, the firm ranks as one of the country’s top independent Broker-Dealers across multiple industry surveys. Headquartered in Chicago, Arete Wealth investments and services are offered through100 offices and 265 registered advisors nationwide. Find out more at www.aretewealth.com.