IMA Financial Group Buys $2.4B Denver RIA

IMA Financial Group, a Denver-based insurance brokerage firm, has entered a strategic partnership with Syntrinsic, a registered investment advisory firm with $2.4B in assets that predominantly serves foundations, endowments, nonprofits and affiliated individuals.

Specific financial terms were not disclosed. The deal closed on July 1.

Denver-based Syntrinsic will retain its leadership and employees, while assuming the name Syntrinsic, an IMA Company. Later in 2023, Syntrinsic will relocate to IMA’s headquarters in Denver’s Union Station neighborhood.

The firm is led by co-presidents Akasha Absher and Ben Valore-Caplan. Its staff will have the opportunity to become employee-owners of IMA, which is also an employee-owned firm, the company said.

“With Syntrinsic as a partner, we can offer more to our diverse client base and further our mission to protect assets and make a difference in the community,” said IMA Chairman and CEO Rob Cohen. “Together we can build a better tomorrow for inspirational and dynamic clients by combining Syntrinsic’s investment proficiencies with IMA’s risk management expertise and shared resources.”

Echelon Partners served as Syntrinsic’s investment banker.