BOK Financial is to acquire MBM Advisors, a Houston-based independent, full service retirement and pension plan investment firm and SEC registered investment adviser.
The acquisition will increase BOK Financial’s retirement and individual assets under management by USD1.25bn and expand the company’s wealth management capabilities, as well as its presence in Houston.
Terms of the transaction were not disclosed.
Founded in 1966, MBM Advisors specialises in managing all aspects of their clients’ employee retirement and pension plans, including providing investment advisory services as an ERISA 3(38) Fiduciary, plan design, plan compliance, recordkeeping and actuarial services. MBM Advisors has clients in 15 states, including those in which BOK Financial already has a full service banking presence.
BOK Financial has been in the retirement plan business more than 58 years, specialising in providing expert guidance to employers on plan design, plan administration, plan compliance, as well as investment advisory services. The corporation serves 430 retirement plans with USD5.6bn in assets and 70,000 plan participants.
MBM Advisors adds 222 plans, USD1.1bn in plan assets and 16,000 plan participants.
This marks BOK Financial’s third wealth management acquisition in the past 18 months. It acquired the Denver-based registered investment adviser, The Milestone Group, in late 2012 and recently announced the completion of its acquisition of Kansas-based trust and asset management company, GTRUST Financial Corporation.
“BOK Financial is highly motivated to continue expanding our geographic and product reach in the wealth management space,” says Scott Grauer (pictured), executive vice president for wealth management at BOK Financial. “This transaction fits with our strategy to acquire companies that have built a differentiated business model and a strong base of clients within our footprint. With MBM Advisors, we will be able to grow our turnkey approach to retirement plan services to small and mid-sized businesses throughout our market territory, while strengthening our wealth management team in the important Houston market.”
“I have watched the retirement plan service model evolve over the past 15 years,” says Lindsey Black, CEO of MBM Advisors. “A core element of MBM Advisors has always been to anticipate and exceed our client’s expectations. I am therefore very excited about our merger with BOK Financial as it will assure our clients will continue to benefit from our enhanced commitment to innovation, and expanded services and features in an effective delivery model.”
The acquisition is expected to close in the second quarter of 2014.
