June 30, 2020

Willkie represented Brinker Capital in the transaction.

On June 29, Orion Advisor Solutions, a provider of a tech-enabled fiduciary framework for financial advisors, and Brinker Capital, an investment management company serving advisors at insurance broker-dealers and independent broker-dealers, announced they will merge to create a combined technology and turnkey asset management platform (TAMP) platform for financial advisors.

Genstar Capital, a San Francisco-based private equity firm, will invest in the combined business, as will Orion’s existing financial partner, global growth private equity firm TA Associates. Brinker Capital’s founder, Charles Widger, and other members of Brinker Capital’s management, including Noreen D. Beaman, CEO, will invest in the combined business, alongside continued investment from Eric Clarke, Orion’s CEO, and the rest of the Orion team. Brinker Capital’s investment management capabilities will be unified with those of Orion’s CLS Investments, and both will be integrated into the Orion brand family as “Brinker Capital Investments.”

Orion Advisor Solutions, which includes brand entities Orion Advisor Tech, Orion Portfolio Solutions and CLS Investments, supports more than 2,000 advisory firms with $1 trillion in assets under administration and an additional $40 billion of combined assets (Orion Portfolio Solutions and Brinker Capital) on an open architecture TAMP platform.

Brinker Capital is an investment management company with $24.5 billion in assets under management (as of June 19, 2020). With a focus on wealth creation and management, Brinker Capital serves financial advisors and their clients by providing high-quality investment manager due diligence, asset allocation, portfolio construction, and client communication services.

With approximately $19 billion of assets under management, Genstar Capital is a leading private equity firm which targets investments focused on targeted segments of the financial services, healthcare, industrial, and software industries. Genstar’s current and former portfolio companies in the investment management sector include Apex Group, AssetMark, Artivest, Ascensus, Cetera Financial Group, ISS and Mercer Advisors. TA Associates is a global growth private equity firm focused on targeted sectors within the technology, healthcare, financial services, consumer and business services industries.

The Willkie team was led by partners Jeffrey Poss and Manuel Miranda and associate Thomas Sharkey.