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IQ-EQ enters the US Private Wealth market with the acquisition of Concord Trust Company

8 April 2021

April French Furnell

IQ-EQ makes its move into the US private wealth space with the acquisition of Concord Trust Company, a leading independent US-based trust company, headquartered in South Dakota and with offices in South Dakota and New Hampshire. The transaction remains subject to state regulatory approval from the South Dakota Division of Banking.

Founded in 2011 by Christopher “Chip” Martin (President) and principals of a New Hampshire law firm and joined thereafter by Andrew Powell (Chief Operating Officer), Concord focuses on open architecture, high-end professional independent trustee services and related administration and compliance services. It offers access to the well-established advantages of New Hampshire’s and South Dakota’s progressive and robust trust, regulatory and tax laws along with a strong judicial framework and access to local talent and good relative geographic proximity to key hubs in the U.S. It successfully leverages technology and has developed proprietary data aggregation and custodial mapping processes to improve efficiencies and scale operations.

IQ-EQ Group Executive Chairman Serge Krancenblum commented: “I’m delighted to welcome Chip, Andrew and the rest of the Concord team to IQ-EQ. This latest investment, our first in the US Private Wealth space, represents an extremely important and strategic step in our journey to become the leading service provider operating in the investor services space.”

Christopher “Chip” Martin, President of Concord, said: “We are very excited to join forces with IQ-EQ -- a global independent trust and financial services market leader.  IQ-EQ brings expertise and added resources that will help Concord Trust further support our clients and employees, and keep us on our successful growth path. I believe their model of providing independent and complementary fiduciary and related administration services to clients’ trusted investment, legal and estate planning advisors matches well with our independent professional trustee model.  I look forward to working with the IQ-EQ management team and the rest of my new colleagues worldwide to develop scale and expanded service offerings that will drive our next phase of growth.”

The transaction marks the first for IQ-EQ in the US Private Wealth space. It follows closely on from IQ-EQ’s successful acquisitions of US-based Constellation Advisers LLC (January 2021) and Blue River Partners LLC (June 2020). Work to rebrand the Concord business to IQ-EQ will commence once regulatory approval for the acquisition is received. In the interim period, the business will continue to be promoted in the US under the Concord brand name.

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