European company to buy South Dakota trust company

IQ-EQ, a Luxemburg-based international financial holding company, has agreed to acquire Concord Trust Co., a South Dakota-based trust company with $2.9 billion in assets under management.

Terms of the proposed acquisition, which is IQ-EQ’s first in the U.S. private wealth market, were not disclosed.

“The acquisition will help position IQ-EQ as the global outsourcing partner of choice for UHNW families, executives, entrepreneurs, and their family offices,” the company said in a release.

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