Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Management evaluated events and transactions through the date of issuance of these financial statements. Based on management’s evaluation there are no events subsequent to March 31, 2024 that require adjustment to or disclosure in the consolidated financial statements, except as noted below.

East End Advisors Acquisition

On April 1, 2024, the Company entered into a membership interest purchase agreement to acquire 100% of the interest in East End Advisors, LLC from EEA Holding Company, LLC. The initial purchase price was $76.4 million. EEA Holding Company, LLC is entitled to future payments over the next five years based on future earnings of East End Advisors, LLC. The Company is in the process of assessing its accounting for the transaction.

Pointwise Acquisition

On May 9, 2024, the Company closed its acquisition of the remaining 50% of the issued share capital of Pointwise Partners Limited (“Pointwise”). The Company previously owned 50% of the shares in Pointwise and equity method accounted for it as a joint venture. An estimated purchase price of $7.0 million was calculated prior to the closing date. 50% of the purchase price will be payable in cash in two installments with the remaining 50% being payable in the Company’s shares.

FOS Disposal

On November 6, 2023, the Company entered into an agreement to sell FOS, which is part of the Company’s Wealth Management segment, for a total consideration, net of selling costs, of approximately $18.8 million. The total consideration will be paid in two installments the first of which amount to $20.1 million and was received on May 8, 2024 and a second payment, that is estimated to be $0.1 million within 10 days of the agreement of the completion accounts. The Company is expecting to incur costs of $1.4 million in relation to this transaction, of which $0.5 million has been paid to date.

Envoi Acquisition

On May 8, 2024, the Company entered into a purchase agreement to acquire substantially all the assets of Envoi, LLC (“Envoi”). The initial purchase price will be approximately $25.2 million, and the transaction is expected to close on July 1, 2024. Certain Envoi members are entitled to additional installment amounts over the next four years, calculated in accordance with revenue-based formulas.