A group of executives previously with Morgan Stanley and the Advisor Group of independent broker-dealers have formed a wealth management group and struck a deal to buy two broker-dealers – that have 500 bank advisors and about $30 billion in client assets – with the support of Lee Equity Partners.

New York-based Atria Wealth Solutions (Atria) on Wednesday announced the news, which entails the purchase of CUSO Financial Services (CFS) and Sorrento Pacific Financial (SPF).

The new venture is being led by CEO Doug Ketterer, the former head of field management at Morgan Stanley; COO Eugene Elias, the prior head of client and advisor platforms at Morgan Stanley; and Chief Growth Officer Kevin Beard, who previously led acquisition and recruiting strategies for the Advisor Group of IBDs (which had been owned by AIG until 2016).

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