Portland's Foreside Financial acquires NY-based compliance firm
File Photo / Tim Greenway
David Whitaker, former president of Foreside Financial Group, is now global services leader at ACA.
Less than a month after Portland-based Foreside Financial Group LLC announced a merger with New York-based ACA Group, Foreside has added another acquisition.
Foreside, which provides governance, risk management and compliance solutions and technology to clients in the global asset management industry, on Tuesday announced that it has acquired Alaric Compliance Service, a New York-based provider of regulatory and compliance services.
Foreside is a portfolio company of San Francisco-based private equity firm Genstar Capital, which bought a majority stake from Lovell Minnick Partners, of Radnor, Pa., earlier this year. Genstar, which is focused on middle-market companies, has around $33 billion of assets under management and lists more than a dozen financial services firms in its portfolio, including Foreside.
Terms of Foreside's latest acquisition were not disclosed.
Founded in 2004, Alaric Compliance Services says it works with private credit, private real estate and other alternative asset managers, with expertise in the Investment Company Act, the Advisors Act and other specialized areas.
Foreside said the acquisition complements its growing broker-dealer, alternatives, mutual fund, private credit and exchange-traded funds compliance practice.
“We’ve known Alaric Compliance Services for a long time and have been impressed with the business they have built,” said David Whitaker, president of Foreside. “They share our mission for hands-on, customized service, and we are thrilled to welcome them to our team.”
Guy F. Talarico, founder and CEO of Alaric Compliance Services, said, "Joining forces with Foreside provides a chance for our team to springboard into greater opportunities. Their offerings and expertise really expand upon our own nicely, and we’re glad to continue maintaining our close relationships with clients.”
Foreside acquired Hardin Compliance Consulting LLC, of Wexford, Pa., in June. Headquartered at 3 Canal Plaza in downtown Portland, Foreside also has offices in New York; Boston; Columbus, Ohio; Berwyn, Pa.; Concord, N.H.; Milwaukee, Wis.; and Wexford, Pa.
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