BOK Financial to buy Houston wealth management company

Tulsa-based BOK Financial Corp. takes on its third wealth management acquisition in 18 months.
by Brianna Bailey Published: March 5, 2014
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In its third wealth management acquisition in 18 months, Tulsa-based BOK Financial Corp., parent of Bank of Oklahoma, has inked a deal to buy the Houston-based investment firm MBM Advisors.

BOK has been growing its wealth management services through acquisitions for the past year and a half. It acquired the Denver-based registered investment adviser, The Milestone Group, in late 2012. On Friday, BOK announced it had completed its acquisition of Kansas-based trust and asset management company, GTRUST Financial Corp.

Expanding BOK’s wealth management services makes sense as a growing number of baby boomers near retirement age, said Scott Grauer, executive vice president for wealth management at BOK.

“It’s going to be increasingly important for us to excel in that space as we see dramatic trends in demographics with many baby boomers looking at their retirement assets,” Grauer said.

Offering fee-based wealth management services has also been a good way for BOK to diversify its business, he said.

The terms of the sale, announced Tuesday, were not disclosed. The acquisition will increase BOK Financial’s retirement and individual assets under management by $1.25 billion, and expand BOK’s wealth management capabilities, the company said.

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by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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