TAMP GeoWealth Snaps Up First Ascent for Over $21B In Combined Platform Assets

GeoWealth, a Chicago-based technology and asset management platform (TAMP) has made its first acquisition since inception in 2010 with the purchase of First Ascent Asset Management, a smaller TAMP in Denver that provides outsourced portfolio management services to financial advisors and their clients.

The amount of the deal was not disclosed, and it is expected to close in the next 30 days. GeoWealth will have about $21 billion in platform assets across approximately 170 registered investment advisors (RIAs) clients and roughly 100 employees after the deal is closed.

GeoWealth expects to cater to RIAs of different sizes and multi-office firms in addition to boosting its presence in the enterprise technology space.

Led by Scott MacKillop, First Ascent will retain its brand identity and will operate as an independent subsidiary of GeoWealth. The firm will eventually migrate its operations to GeoWealth’s platform.

“Whether it’s a breakaway firm or a multi-billion-dollar RIA, we can provide a seamless experience that allows them to provide best-in-class client service and scale their businesses on their own terms,” noted Colin Falls, President and CEO of GeoWealth.