Orion Successfully Acquires TownSquare Capital

TownSquare Capital (TownSquare), a boutique, full-service investment and trading platform with an institutional attitude on portfolio construction, was acquired by Orion Advisor Solutions, a leading developer of transformative wealth tech solutions for fiduciary advisors, today. Details of the transaction won't be made public.

"Today, we officially add TownSquare to our wealth management business, creating more value for advisors seeking a highly integrated, most-in-one technology suite. The combined wealth management platform will come to market quickly, providing financial advisors a single-source solution to prospect, plan, invest and achieve,"

-Eric Clarke, founder and CEO of Orion.

TownSquare helps give growth-focused independent advisors access to a greater selection of investment products, solutions, and trading skills by adding an additional $6 billion in TAMP assets to Orion's wealth management platform offering.

"Combining TownSquare with Orion's wealth management and advisor technology capabilities brings tremendous value to financial advisors and their clients. With the full weight of Orion's resources and relationships behind us, we can continue providing best-in-class investment strategies to the advisors and clients we serve,"

-Kurt Brown, Chief of OCIO Services at Orion.

TownSquare will continue to run as a stand-alone company for the foreseeable future, serving both a brand entity and a wholly-owned indirect subsidiary of Orion Advisor Solutions. As a result, existing TownSquare and Orion customers shouldn't anticipate any changes to their present services, and they will be among the first to take advantage of the merged company's expanded capabilities.

Spotlight

Taking the Pain Out of Tax

For companies doing business globally, there are over 19,000 taxing jurisdictions with different rates, regulations, and requirements. It’s up to businesses to keep up with the latest tax rates and requirements to calculate sales, use, and value added tax (VAT) accurately on every transaction. That’s why many companies solve the

More featured news

Spotlight

Taking the Pain Out of Tax

Related News

Payments

Finastra's Compliance as a Service Battles Instant Payment Crimes

Finastra | September 20, 2023

Finastra's new solution merges real-time sanctions screening and AI-powered anti-money laundering for FedNow in the US and TIPS in Europe. Initiatives are underway to integrate Finastra Compliance as a Service with Finastra Global PAYplus soon. This comprehensive solution automates compliance for US and European banks by leveraging proven technology to facilitate instant payments. Finastra, a global provider of financial software applications and marketplaces, has officially unveiled its latest payment solution, Finastra Compliance as a Service, hosted on the Microsoft Azure platform. It will incorporate real-time anti-money laundering (AML) transaction screening from Fincom and AI-powered transaction monitoring by ThetaRay, presenting a pre-integrated packaged solution alongside Finastra Payments To Go. Mike Vigue, Chief Product Officer for Payments at Finastra, underscored the increased risks associated with introducing a new payment rail, mainly when it operates in real-time. He articulated Finastra's commitment to leveraging the successful track record of 'Payments To Go' for instant payments. He emphasized that the company's objective is to provide financial institutions with precise and efficient compliance capabilities, ultimately reducing the total cost of ownership. Finastra Compliance as a Service will facilitate banks in capitalizing on and adhering to various instant payment infrastructures, such as the FedNow service in the United States and TIPS in Europe while mitigating the elevated risks associated with financial crime. Through the integration of real-time compliance screening by Fincom and AI-driven transaction monitoring by ThetaRay, this service will empower financial institutions to expedite their business expansion, broaden risk management coverage, and curtail operational expenses. Mike Vigue further added that through the seamless integration of Fincom and ThetaRay into their solutions, Finastra's clients can expedite the launch of instant payment services while enhancing security, scalability, and flexibility. He concluded that the company remains committed to supporting banks in keeping pace with evolving customer, industry, and regulatory demands through ongoing payment innovation and collaboration with partner ecosystems to provide top-tier services. Radha Suvarna, Head of BaaS and Value-Added Payment Solutions at Finastra added, By delivering relevant value-added payment risk solutions as a service, we will help banks to improve speed-to-market and ensure our customers stand to benefit from the ongoing evolution in enabling capabilities like AI and Machine Learning. [Source - Cision PR Newswire] 'Payments To Go' represents a comprehensive software-as-a-service (SaaS) payment processing solution, empowering banks to expedite the delivery of flexible digital payments with enhanced efficiency. Financial institutions can easily subscribe to this solution via Microsoft Azure Marketplace, streamlining billing under a single invoice.

Trading Systems

Finastra and ELCY partner to bring Corporate Trade Finance Portal to market

PR Newswire | October 23, 2023

Finastra, a global provider of financial software applications and marketplaces, is partnering with ELCY, a specialist in e-commerce solutions for the processing of international trade finance, to provide a trade finance solution for corporates. The Corporate Trade Finance Portal from Finastra and ELCY will enable corporates to communicate in a secure and authenticated manner with all their banks through one centralized platform. As a result, corporates will benefit from greater visibility and real-time control of all trade finance exposures across their organizations. The transition away from the complexity of connecting to multiple bank proprietary systems and the removal of inefficient paper-based processes will also deliver significant cost and efficiency savings. Finastra is thrilled to build on our long-term relationship with ELCY through a global collaboration that creates immediate value for both parties, said Jaime Lynn, Vice President, Enterprise Solutions, Finastra. ELCY brings a wealth of expertise in meeting the trade finance needs of corporates, while Finastra meets the end-to-end digitization needs of banks focused on international trade and supply chain finance. Our close collaboration with ELCY expands our suite of solutions for corporates, enabling them to connect to all banks supplying them trade finance through a single portal. Corporate users benefit from much greater visibility and control in managing their cash flow and trade finance exposures and in reducing risk. Robin Cohen, Chief Executive Officer, ELCY added: "Our partnership with Finastra will further increase our visibility and reach in the market, helping us deliver the benefits of our multi-bank portal solution to corporates globally. Customers using our joint Corporate Trade Finance Portal will be equipped to communicate seamlessly, both on the import and export side, with any SWIFT-enabled bank in the world to manage their day-to-day trade finance processing. All instructions or messages sent through the portal can be tailored to conform with the message type preferred by the bank in question. Furthermore, the portal includes extensive modular functionality enabling corporates to monitor counterparty and bank exposure, manage global bank limits and provide reports for credit and treasury departments all in real time." The Corporate Trade Finance Portal is available as a cloud-based, multi-tenant SaaS solution meaning no software installation is required on site and all users benefit from the ability to adapt quickly to new market requirements through centrally-managed software upgrades.

Financial Management

BNY Mellon's Pershing X Teams Up with Integrity, Grows Client Base

BNY Mellon | October 09, 2023

Integrity will leverage the Wove platform to manage over $40 billion in assets through its wealth management network. Pershing X introduced the Wove platform in June, unifying advisors' client tools into a highly data-driven system. Wove, powered by BNY Mellon Investment Management, offers Integrity and clients access to top-tier investment solutions from specialized firms. BNY Mellon's Pershing X has informed that Integrity Marketing Group, LLC, a prominent insurance and financial services entity, has strategically adopted its Wove wealth management platform to enhance and fortify its operational capabilities. This strategic initiative will enable Integrity to equip its financial professionals with cutting-edge technology and investment resources, leading to a transformation in its client service approach and ensuring a heightened standard of excellence. With this, clients can anticipate a more robust and all-encompassing financial advisory experience. Ainslie Simmonds, President of Pershing X, expressed enthusiasm about Integrity's adoption of Wove as a new client and the alignment with their growth strategy using the scalable solution. She further stated that the platform will empower Integrity's insurance agents with a comprehensive toolkit tailored to enhance their wealth management capabilities. Notably, the Wove platform will grant Integrity's advisors access to extensive third-party models and investment models, including mutual funds and exchange-traded funds, curated by BNY Mellon's Investment Management division, one of the world's largest investment managers. These models will be securely stored on the Wove platform, tailored for optimizing wealth accumulation, retirement income portfolios, and capital preservation. BNY Mellon's Pershing will also provide comprehensive broker-dealer clearing and custody solutions. Hanneke Smits, Global Head of Investment Management at BNY Mellon, remarked, This is a great example of how BNY Mellon is bringing the scale of its enterprise together to deliver a combined offering to clients. [Source – Cision PR Newswire] In June, Pershing X introduced the Wove platform, representing a pivotal shift as it consolidates advisors' client tools into a sophisticated, data-driven system. Integrity is poised to leverage the capabilities of the Wove platform to manage an extensive asset portfolio exceeding $40 billion through its expansive wealth management network. Meanwhile, Bryan W. Adams, Co-Founder and CEO of Integrity, also expressed his excitement about collaborating with BNY Mellon, which offers a distinctive range of solutions. This encompasses access to the Wove platform and personalized portfolio offerings. This transformative partnership between Integrity Marketing Group and BNY Mellon will offer a holistic client experience, encompassing financial prosperity and vital aspects of life, such as health and well-being. Together, the two companies aim to empower clients with comprehensive solutions that facilitate improved financial planning and brighter prospects for the future.