Private investment firm Reverence Capital Partners has wrapped up the purchase of wealth manager Advisor Group.
The deal, whose financial terms were not divulged, was announced this May.
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The sellers were US-based private equity firm Lightyear Capital and Canadian pension investment manager Public Sector Pension Investment Board (PSP Investments).
In 2016, the pair purchased Advisor Group from AIG.
Recently, Lightyear Capital also offloaded a majority stake in Wealth Enhancement Group to private equity firm TA Associates.
Advisor Group and Reverence launched a unique adviser recognition programme as part of the latest transaction.
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By GlobalDataReverence co-founder and managing partner Milton Berlinski said: “Advisor Group is a premier platform uniquely positioned to capitalise on attractive secular trends.
“We are investing in a strong and experienced management team, and we look forward to building a successful partnership that benefits all parties.”
Based in Arizona, Advisor Group manages $272bn in assets and has over 7,000 financial advisers.
The firm made several acquisitions in recent years including that of Capital One Investing, Signator Investors, as well as Questar Capital.
Advisor Group president and CEO Jamie Price said: “This transaction solidifies our commitment to serving independent advisers and their clients as Reverence Capital is a well-resourced, growth-oriented partner with wealth management expertise and industry relationships.”
