Twelve years after leaving The Hartford to launch her own regulatory compliance firm for investment advisers, private equity funds and others, Connecticut native Medina Jett has sold the company.
Portland, Maine-based Foreside Financial Group said Monday it has acquired ICSGroup for an undisclosed price.
ICSGroup was previously based in Hartford, but recently relocated its business address to Farmington and Georgia.
In an email Tuesday, Jett said ICSGroup will soon no longer have an area presence. She said she would be staying on to ensure a smooth transition of the company’s operations to Foreside and that the company’s compliance consultants would continue to support their clients. A Foreside spokesperson said Jett will be a strategic consultant and advisor.
At the time, ICSGroup said it had 30 investment advisory firm clients in the United States and Africa.
Foreside, which provides governance, risk management, compliance services and technology to the global asset and wealth management industry, is owned by private equity firm Lovell Minnick Partners.
In a press release, Jett called Foreside “the perfect partner to accelerate our firm’s technology capabilities to meet the growing needs of our clients, while providing the personalized service they expect.”
“We remain committed to the relationships we’ve built over the last twelve years and believe they will immediately benefit from Foreside’s unparalleled combination of customized, industry leading services delivered through modern regulatory technology platforms,” she said.
In a recent social media post, Jett thanked her early clients and said she was proud to break into the asset management industry as a Black woman-owned business and to help Black-owned firms compete for capital.
“This transaction puts me in a very small group of Black women entrepreneurs to lead their companies to acquisition,” she wrote. “I am grateful to so many who have poured into me and enabled me to reach this pinnacle. My ancestors would be proud. Thank you, thank you and thank you.”
