NewQuantum outlines ambitious strategy post $40.5m acquisition

Mike Taylor

Managing Editor/Publisher, Financial Newswire

16 March 2023

The company which is paying $40.5 million to Sequoia Financial Group to acquire 80% of Morrison Securities and outlined its intention to use the acquired company as a cornerstone for further transactions.

The company, NewQuantum, which describes itself as a provider of a core and digital wealth management platform for advisers, says it intends to rapidly grow its presence in the US, Middle East and Asian markets.

Commenting on the Morrison transaction, NewQuantum chief executive, Jong Chung said upcoming announcements would see NewQuantum extend its reach into the US capital markets, add major new customers, demonstrate growth through market leading strategic partnerships in the Middle East, Asia, and the US, and the acquisition of other financial advisory and fintech companies.

“We expect to make these further announcements before 30 June 2023,” he said.

Chung added all the funding is in place to allow NewQuantum to meet its three deadline payments of 20 March, 31 May, and 31 August. A $1.5 million deposit was paid on 13 March when the deal was formally signed.

NewQuantum founder and technology advisor, Babar Ali said that Morrison provided his firm with “the ideal platform” to continue its journey.

“NewQuantum & Morrison Securities will deploy an All-Inclusive suite for wealth management, investing, brokerage, custody, and post-trade processing for advice clients,” he said.