A direct indexing asset management and financial technology company with more than $1 billion in AUM is set to be acquired by First Trust Capital Partners by the end of the month.
First Trust, one of the world’s largest asset managers with more than $203 billion in assets, has announced its plans to acquire Veriti Management.
Built by advisors for advisors to provide direct indexing solutions to institutions and wealth management firms, officials say Veriti’s approach to asset management focuses on delivering advisors scalable strategies for driving tax-advantaged returns and deep customization for individual investors.
Terms of the deal have not been disclosed. The acquisition is expected to close on July 31.
“Customization through direct indexing empowers the advisor to deliver personalized and tax-advantaged solutions that better align with the investment objectives, values and interests of their clients,” Ryan Issakainen, senior vice president and ETF strategist for First Trust Advisors, said in a statement. “We are delighted to begin this partnership with the Veriti team and look forward to working together to service the advisor community.”
Veriti looks to streamline tasks and minimize the time required to create fully customized equity portfolios focused on tax efficiency and responsible investing.
Veriti co-founder and Managing Partner Jim Dilworth said the company is excited to enable First Trust as it helps wealth management firms better align client portfolios with their values while providing personalization
“Veriti, teamed with a renowned ETF provider and asset management leader in First Trust, will empower advisors and institutions to address their clients’ investing preferences at a far deeper, more personalized level,” Dilworth said.
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