Wentworth is a holding company that acts as a long-term owner and operating partner for broker-dealers and other firms in the independent wealth management channel.

Wentworth Management Services, a holding firm that buys wealth management businesses, has acquired Albany-based independent broker-dealer Purshe Kaplan Sterling Investments.

The transaction completed at the end of November; full terms of the deal weren’t disclosed.

Wentworth is a holding company that acts as a long-term owner and operating partner for broker-dealers and other firms in the independent wealth management channel. It concentrates on established small- to middle-market independent broker-dealers that are looking for a strategic partner to provide support and scale for their businesses.

"There is a seminal change taking place right now in the wealth management industry as independent firms grow and gather assets to rival the wirehouses and large banks," Wentworth chief executive Ryan Morfin, said. 

PKS's core management team will remain in place, and the firm's business model and operations will be unchanged by this transaction. PKS has a presence nationwide with 485 offices in all 50 states.

Monroe Capital acted as sole lead arranger and administrative agent on the funding of a $43.5-million senior credit facility to support the acquisition. Morrison Foerster and King & Spalding provided acquisition and financing counsel, respectively. The Hamburger Law Firm, Tabner, Ryan & Keniry LLC and Jackson Lewis advised PKS.