Ladenburg Thalmann Financial Services has reached a definitive agreement to acquire Premier Trust, a provider of wealth management services including trust administration, estate and financial planning, custody and investment services, from Western Alliance.
Terms of the transaction were not disclosed.
Founded in 2001, Premier is a Nevada-chartered trust company headquartered in Las Vegas, Nevada, with assets under administration in excess of USD520m.
Working in combination with a client’s other legal and professional advisers, Premier professionals assist with every aspect of planning, including retirement, income and estate taxes, succession of the family business, transferring assets to future generations and asset protection.
Upon completion of the transaction, Mark Dreschler, Premier’s president and chief executive officer, and the rest of Premier’s management team will continue to operate Premier out of its Las Vegas, Nevada headquarters.
Robert Bruderman, a member of Ladenburg’s management committee and one of the founders of Ladenburg’s Triad Advisors subsidiary, will serve as chairman of the board of Premier.
"The addition of Premier will allow Ladenburg’s network of independent financial advisers to have unparalleled access to a broad array of trust services," says Dr. Phillip Frost, chairman of the board of Ladenburg. "This transaction demonstrates Ladenburg’s ongoing commitment to expanding its independent broker-dealer platform and increasing the products and services we offer our growing client base."
"We are thrilled to become part of Ladenburg," adds Dreschler. "This transaction will significantly enhance the opportunities to expand Premier’s business while continuing to allow us to provide our customers with the highest level of personal attention and service."
The transaction, expected to close in the second quarter of 2010, is subject to customary closing conditions, including regulatory approval. Approval by Ladenburg’s shareholders is not required.