A Meriden-based broker-dealer that is owned by and serves banks is being acquired by a Phoenix-based company.
Infinex Financial Holdings Inc., which is the holding company for Infinex Financial Group, will be acquired by Advisor Group, which operates a network of independent wealth management firms, the companies announced.
Deal terms were not disclosed.
Founded in 1993 and headquartered in Meriden, with offices in California and Virginia, Infinex is an independent broker-dealer focused on serving the investment, insurance and wealth management needs of financial institutions.
Currently, Infinex supports over 230 community-based programs and more than 750 financial professionals overseeing approximately $30 billion in client assets, according to the companies.
Once the deal, which requires regulatory approvals, closes, Infinex will become a member of the Advisor Group network and remain under its own brand. Infinex President and CEO Stephen Amarante will join Advisor Group’s executive leadership team.
Advisor Group is a portfolio company of Reverence Capital Partners, a network of independent wealth management firms, serving approximately 9,700 financial advisors and overseeing approximately $515 billion in client assets, the company said.
