“It allows independent registered investment advisers to run their business holistically,” says GeoWealth President Colin Falls.
The company spun out of Wichita, Kansas-based family wealth office, Globe Resources Group, founded by Gerry O’Shaughnessy, in 2010. Falls was brought on to lead the company in 2010 as a managing director and was promoted to president the following year.
Now, GeoWealth has about 64 firm clients, which represent more than 2,000 wealth advisers throughout the country. The company declined to provide revenue figures or say whether it is profitable but said that since 2018 GeoWealth’s assets under management has grown 700% to $7.3 billion.
“We’ve identified that there’s a need in this market,” Falls said. “This market is growing very quickly.”
GeoWealth employs about 70 people, 30 of which are based in Chicago. The company’s engineering team is mainly based in Europe. Part of the new funding will be used to hire 50 to 60 new employees across departments.
GeoWealth’s Series B round was led by Kayne Partners Fund, the Los Angeles-based growth private-equity group of Kayne Anderson Capital Advisors. JPMorgan Chase, which led GeoWealth’s undisclosed Series A round in 2018, also invested in this latest round. Falls would not specify how much funding GeoWealth has raised to date.
“Whether it’s flexible investment solutions, a modern back office or an elevated client experience, GeoWealth stands apart from legacy providers by combining the best of SaaS and an outsourced investment platform,” said Robert Shilton, the managing director of growth equity at Kayne Anderson Capital Advisors, in a statement. “We believe GeoWealth is at the cusp of what could be explosive growth, and Kayne is committed to bringing our firm’s full suite of capabilities and expertise to support GeoWealth in the coming years.”
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