Modern Capital, a diversified financial services firm, is to acquire Western Equity Group, an SEC Registered and FINRA member Broker-Dealer. The transaction, which is subject to FINRA regulatory approval, will allow Modern to expand its footprint into retail and institutional trading as well as provide for a capital markets desk upon closing. It is anticipated that Western Equity Group, Inc. will be renamed Modern Capital Securities Co. and all of its personnel will join the Modern team.
Modern Capital was formed last year as a platform for integrating the full spectrum of investment services into a technology optimised solution, allowing retail investors and their financial advisors to deliver portfolio solutions that may have previously been available only to institutional or ultra-high net-worth clients. Over the first half of this year, Modern Capital anticipates folding in certain businesses from Liberty Partners, an indirect affiliate, which will also be branded under the Modern Capital name.
Modern Capital is led by Brad Atkins, a former General Agent for MassMutual, who recognised the need for a forward-thinking investment firm that was committed to providing value for clients by making the best tools available for sustainably achieving their individual objectives.
“We are excited to welcome Western Equity Group as part of the Modern Capital family,” says Atkins regarding the acquisition. “Western has proven itself to be a firm run with consistency and integrity since its inception and we believe the resources Modern brings will facilitate substantial growth.”