CUSO Financial Services LP and sister company Sorrento Pacific Financial LLC have agreed to be acquired by New York-based Atria Wealth Solutions, a newly formed wealth management solutions holding company.
Under the agreement, Atria Wealth Solutions will buy out the equity interests of CUSO Financial Services, while co-founders Valorie Seyfert and Amy Beattie will obtain an equity interest in Atria Wealth Solutions and will continue to lead CUSO Financial Services and Sorrento Pacific.
Atria Wealth Solutions was founded by Doug Ketterer, formerly head of field management at Morgan Stanley; Eugene Elias, formerly head of client and adviser platforms at Morgan Stanley; and Kevin Beard, formerly head of acquisition and recruiting strategy at AIG Advisor Group. Ketterer will serve as CEO of Atria Wealth Solutions, which is backed by Lee Equity Partners LLC.
CUSO Financial Services and Sorrento Pacific will continue to be based and operate from San Diego. The deal is expected to close within 60 to 90 days, subject to FINRA approval.