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Penton invests in wealth management business AIQ

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Business-to-business media company Penton has made an investment in AIQ, which has developed a proprietary database of 2.1 million financial advisers in the US called Meridian-IQ.



"We are certain that our investment in AIQ and our new strategic alliance will be a very important cornerstone in building out Penton’s wealth management group," says Penton chief executive Sharon Rowlands. "Registered rep and trusts and estates are our two businesses in this space and access to and collaboration with this dynamic database on an exclusive basis is quite significant to our growth."

"The database is the most up-to-date and robust in the advisory space," says Nicholas W. Stuller, president and chief executive of AIQ. "The investment by Penton and our strategic relationship will help us collectively develop new products and add new functionality."

The database includes wirehouse advisers, independent advisers, registered investment advisers, insurance advisers and trust officers, as well as senior management at these firms. Penton will use the database to service the full advisory market and for targeted client research.

As part of the alliance, Penton will become a reseller of the Meridian-IQ database to clients.

William O’Conor, vice president of Penton’s financial services group, will become a member of the AIQ board of directors.

Penton is owned by MidOcean Partners and US Equity Partners II, an investment fund sponsored by Wasserstein, and its co-investors.

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