On May 30, 2024, Arete Wealth Management, LLC announced that it had acquired Portsmouth Financial Services.
Arete Wealth Management, LLC (“Arete”) announced on May 30, 2024, that it had acquired Portsmouth Financial Services (“Portsmouth”). As part of the deal, Portsmouth ceased its operations as an independent broker/dealer and will now operate as an Arete branch office. Further terms of the transaction were not disclosed.
Arete, based in Chicago, is a broker dealer and registered investment advisory firm. As of June 2024, Arete had approximately $6.1 billion in assets under management.
Portsmouth, based in San Francisco, California, is a registered investment advisor providing clients with various wealth management services, including full brokerage, investment strategy and management, insurance products and planning. As of May 2024, Portsmouth managed approximately $800 million in client assets.
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