Foreside Financial Group
has acquired Professional Funds Distributor
. A company press release
announced the transaction, which closed on June 30.
Foreside president Dave Whitaker
that Professional Funds Distributor is a small broker-dealer based in King of Prussia, Pennsylvania, with four clients and one senior management employee, all of whom will be joining Foreside.
Foreside CEO Richard Berthy
has been on a buying spree of late. His firm completed its purchase
of BNY Mellon's fund distro business back in April, snapping up BNY Mellon Distributors and its subsidiaries MGI Distributors, Fairholme Distributors, HighMark Distributors and Sterling Distributors. In connection with this acquisition, Foreside, which is headquartered in Portland, Maine, opened up an office in Berwyn, Pennsylvania.
Foreside currently distributes over $450 billion through its broker-dealers, according to the release.
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