Doug Ketterer’s Outfit Buys $23B Indie Broker-Dealer
New York-based Atria Wealth Solutions — the firm owned by longtime Morgan Stanley veteran Doug Ketterer — is acquiring the Syracuse, N.Y.-based independent broker-dealer Cadaret, Grant & Co. Inc., according to a press release from Atria.
Cadaret, Grant, which was founded in 1985, services around 900 financial advisors across 475 branches nationwide who have over $23 billion in assets under administration, according to the press release.
Atria, a wealth management solutions holding company launched in 2017 after Ketterer left Morgan Stanley, will acquire 100% of Cadaret, Grant as well as its sister firms Cadaret Grant Agency Inc. and Capital Strategy Group, Ltd., pursuant to a stock purchase agreement.
Cadaret, Grant’s headquarters will remain in Syracuse and Art Grant, current the company’s CEO, will stay on with the firm in an advisory capacity to Ketterer as CEO of Atria. The deal is subject to Finra approval, according to the press release.
“We have always put the needs of our advisors and home office team first, and with Atria enhancing and improving our offering, I am very excited about the future for our advisors and the firm,” Grant says in the press release.
At Morgan Stanley, Ketterer ran the wirehouse’s U.S. financial advisor and branch office network, as well as its Private Wealth Management business.