Foreside Financial Group LLC, a Portland-based provider of customized compliance and technology solutions to investment management firms, is embarking on its sixth acquisition since 2019.
The company on Tuesday said it has acquired New York-based JG Advisory Services, a regulatory solutions provider for hedge and private equity funds.
Judy Gross, founder and principal of JG Advisory Services, and one colleague will join Foreside Financial in mid-March, a Foreside spokesman told Mainebiz. Foreside Financial employs 295 people and is advertising for positions in several cities online.
According to the new owner, JG Advisory Services has helped its clients meet regulatory requirements through compliance solutions since 2005, working with a wide range of hedge fund and private equity fund managers.
“When assessing acquisitions, we consistently choose firms that are known for outstanding client service and industry expertise,” Foreside President David Whitaker said in a news release. “JG Advisory Services has helped sophisticated private equity and hedge fund firms develop into industry leaders, and we are proud to have them on board to build our expertise with emerging managers.”
Gross said her firm is excited to join Foreside, adding: “Foreside’s reputation of industry-leading compliance and consulting services made them a great fit for us, particularly as an option to step out of an ownership role but continue serving our private equity and hedge fund clients with quality service and with a deep bench of knowledgeable consultants and technology solutions.”
As of the start of this year, Foreside said it distributes more than $1 trillion in products through 17 limited purpose broker-dealers.
Other recent acquisitions
Foreside is majority-owned by Radnor, Pa.-based private equity firm Lovell Minnick Partners LLC.
Other recent acquisitions by Foreside include Atlanta-based Capital Markets Compliance in January 2021 and Integrated Compliance Solutions Group, a Hartford, Conn,.-based regulatory compliance services firm it acquired in November 2020.
Overall in Maine, mergers and acquisitions momentum has been off to a strong start this year, as predicted by experts who talked to Mainebiz in January.
