Key Takeaways
- • GLASfunds, a Cleveland-based turnkey alternative investment platform and alternative asset management firm, announced it will acquire Fund Formation Group (FFG), a Texas-based firm that launches and operates fund structures for RIAs and wealth advisors.
- • Following the acquisition, GLASfunds will service FFG's clients with its full suite of private market investing and technology resources.
- • FFG founder Thomas Haynes will join GLASfunds as Director of Business Development upon closing, which is expected in early October 2023.
- • The deal expands GLASfunds' presence in the Dallas, Texas area and targets RIAs seeking customized alternative investment access.
Summary
GLASfunds, which describes itself as a turnkey alternative investment platform and alternative asset management firm, announced on September 7, 2023 that it will acquire Fund Formation Group ("FFG"), a Texas-based firm that launches and operates fund structures for registered investment advisers (RIAs) and wealth advisors, according to a Business Wire release datelined Cleveland.
Founded in 2009, GLASfunds positions itself as one of the leading tech-enabled platforms providing investors with secure and streamlined digital access to institutional-quality alternative investment opportunities and asset management oversight. Under the terms described, GLASfunds will take over servicing FFG's existing clients, extending to them its full suite of private market investing and technology resources so they can deploy custom alternative investments with greater scale and efficiency. The release did not disclose the purchase price or other financial terms.
Michael Maroon Jr., Managing Director at GLASfunds, said the firm saw an opportunity to build on the work FFG had already done for a group of RIAs seeking to access alternatives in a highly customized way. He said GLASfunds was pleased to offer these firms its end-to-end private market solution.
As part of the transaction, FFG founder and CEO Thomas Haynes will join GLASfunds as Director of Business Development. The acquisition is expected to be finalized in early October. GLASfunds said its clients will benefit from Haynes' alternatives expertise and from its expanded presence in the Dallas, Texas area. Haynes said GLASfunds is democratizing alternative investing for RIAs by making it efficient, streamlined and scalable, enabling more powerful outcomes for their clients.
The transaction underscores continued consolidation among platforms that supply alternative investment infrastructure to independent advisers, a segment where turnkey fund-launch and administration services are increasingly in demand.
Founded in 2009, GLASfunds positions itself as one of the leading tech-enabled platforms providing investors with secure and streamlined digital access to institutional-quality alternative investment opportunities and asset management oversight. Under the terms described, GLASfunds will take over servicing FFG's existing clients, extending to them its full suite of private market investing and technology resources so they can deploy custom alternative investments with greater scale and efficiency. The release did not disclose the purchase price or other financial terms.
Michael Maroon Jr., Managing Director at GLASfunds, said the firm saw an opportunity to build on the work FFG had already done for a group of RIAs seeking to access alternatives in a highly customized way. He said GLASfunds was pleased to offer these firms its end-to-end private market solution.
As part of the transaction, FFG founder and CEO Thomas Haynes will join GLASfunds as Director of Business Development. The acquisition is expected to be finalized in early October. GLASfunds said its clients will benefit from Haynes' alternatives expertise and from its expanded presence in the Dallas, Texas area. Haynes said GLASfunds is democratizing alternative investing for RIAs by making it efficient, streamlined and scalable, enabling more powerful outcomes for their clients.
The transaction underscores continued consolidation among platforms that supply alternative investment infrastructure to independent advisers, a segment where turnkey fund-launch and administration services are increasingly in demand.
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