Foreside Financial Group, LLC, a provider of governance, risk management, and compliance service and tech solutions to clients in the wealth management sector, has reportedly acquired compliance consulting firm Golden Bear Consulting Group, LLC, a boutique regulatory compliance consultancy headquartered in Newport Beach, California.
Launched in 2015, Golden Bear works with private equity funds, hedge funds, emerging managers, and wealth managers, in order to provide a suite of compliance consulting services. This latest acquisition should help with supporting Foreside’s private funds practice while further expanding its business operations.
David Whitaker, President at Foreside, stated:
“Golden Bear has ensured client success by helping them meet regulatory requirements through creative and practical compliance solutions that instill confidence in their investors. Golden Bear shares our values of providing consistent quality of service with integrity, accountability, and innovation to its portfolio of clients. We are proud to welcome them to our team.”
Aman Ahluwalia, founder and CEO of Golden Bear, remarked:
“In joining with Foreside, we are able to deepen and expand the capabilities of our investment advisor consulting practice with a partner that shares our client-centered approach. I am thrilled about what is in store for our clients, and how much they will benefit from this new relationship. We have worked hard to develop long-lasting and quality relationships with our clients. I am certain this move will allow us to serve as trusted partners to our existing clients for years to come.”
Golden Bear’s workers will reportedly be joining Foreside as part of the acquisition and will keep running the business from Southern California.
For Foreside, which is majority-owned by PE firm Lovell Minnick, this will notably be its seventh acquisition since 2019. This move appears to be a part of the company’s strategy to add to and strengthen different aspects of its business, including consulting and its tech products.
The other acquisitions made by Foreside reportedly include NCS Regulatory Compliance, Compliance Advisory Services, Quasar Distributors, ICSGroup, Capital Markets Compliance, and JG Advisory Services.
The financial terms of the Golden Bear deal have not been shared publicly.