Equitable Announces Acquisition of Penn Investment Advisors

Rhea-AI Summary

Equitable Holdings, Inc. (NYSE: EQH) announced the acquisition of Penn Investment Advisors, Inc., enhancing its wealth management strategy. The deal, expected to close in Q4 2022, brings $600 million in assets under administration and 950 clients to Equitable. This acquisition supports Equitable Advisors, which manages $70.8 billion and employs approximately 4,200 financial professionals. Key leaders from PIA will join Equitable, ensuring a seamless transition for clients and continued advisory services.

Positive

• Acquisition of Penn Investment Advisors strengthens Equitable's wealth management business.
• Addition of $600 million in assets under administration and 950 new clients.
• Equitable Advisors' assets under administration reach $70.8 billion, enhancing market position.

Negative

• None.

Acquisition advances Equitable’s wealth management growth strategy

NEW YORK--(BUSINESS WIRE)-- Equitable, a leading financial services company and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), announced today the acquisitionⁱ of Penn Investment Advisors, Inc. (PIA), a registered investment adviser and subsidiary of Penn Community Bank. The acquisition is expected to close in the fourth quarter of 2022.

Headquartered in Bucks County, Pa., Penn Investment Advisors has $600 million in assets under administration and serves 950 clients. This announcement advances Equitable’s strategy to grow its wealth management business, Equitable Advisors, LLC, which has $70.8 billion in assets under administration (as of 6/30/22) and c. 4,200 financial professionals.

“We are proud to welcome the clients and advisors of Penn Investment Advisors to Equitable,” said David Karr, Chairman of Equitable Advisors. “Equitable’s value proposition for RIAs and wealth management firms resonates loudly in the marketplace. We will continue to focus on growing organically and through strategic acquisitions as part of our robust growth strategy.”

As part of the transaction, PIA’s leadership, including President Christian Wagner, Chief Operating Officer Sean Schmid, and PIA’s team of financial advisors will join Equitable and continue to provide wealth management and advisory services to PIA and Penn Community Bank clients.

“Navigating a complicated, ever-changing investment landscape gets much easier when you have the right financial partner on your side,” said Christian Wagner, President of Penn Investment Advisors. “It was critical for us to partner with a wealth management firm with a client-first culture that could provide a seamless transition for our clients and advisors at Penn Investment Advisors.”

Equitable Advisors’ consultative and holistic approach to financial planning goes beyond investments to provide individuals, families and small to medium-sized businesses with support that considers life goals, business goals, family situations, lifestyle and purpose.

David Fleisher, Co-Head of Equitable Advisors’ Philadelphia market, will oversee the new venture. This long-term relationship, designed to offer wealth management services to the clients of Penn Community Bank, is Equitable’s second strategic relationship with a leading institution in the Philadelphia market.

About Equitable

Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 2.8 million clients across the country.

About Penn Investment Advisors

At Penn Investment Advisors, we have only one focus: you. It’s our mission to provide our customers with comprehensive guidance and perspective to help them build a customized plan to grow their financial resources. Our dedicated team works to customize our asset management and investment strategies to suit and achieve financial goals at every stage of life.

Reference to the 1859 founding refers specifically and exclusively to Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY). Duly-registered Equitable Advisors Financial Professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC, a broker-dealer (Equitable Financial Advisors in MI & TN) and offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor. Equitable Advisors and its affiliates and associates do not offer banking services. Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc. GE-4848794.1(07/22)(exp.07/24)

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ⁱThe acquiring legal entity is Equitable Distribution Holding Corporation, an indirect subsidiary of Equitable Holdings and the parent company of Equitable Advisors, LLC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220816005934/en/

Media:

Monique Freeman

(212) 314-2010

mediarelations@equitable.com

Source: Equitable

FAQ

What is the significance of Equitable's acquisition of Penn Investment Advisors?

The acquisition strengthens Equitable's wealth management strategy by adding $600 million in assets and expanding its client base.

When is the acquisition of Penn Investment Advisors expected to close?

The acquisition is expected to close in the fourth quarter of 2022.

How will the acquisition impact Equitable's wealth management division?

The acquisition will enhance Equitable Advisors' assets under administration and expand its client services.

Who will lead the new venture after the acquisition?

David Fleisher, Co-Head of Equitable Advisors’ Philadelphia market, will oversee the new venture.