(Bloomberg) — Reverence Capital Companions, the financial-services centered personal fairness group, is searching for consumers for a minority stake in Osaic, the community of wealth administration companies previously often called Advisor Group, individuals accustomed to the matter mentioned.
Reverence is searching for to promote as much as 20% of Osaic, a stake that could possibly be value as a lot as $2.5 billion, in keeping with the individuals, who requested to not be recognized discussing confidential info. Deliberations are ongoing and Reverence might but choose to promote a bigger holding, one of many individuals mentioned.
A consultant for Reverence declined to remark.
“Reverence is and continues to be an unbelievable long-term associate to Osaic,” Osaic Chief Government Officer Jamie Worth mentioned in an emailed assertion. “With the success we’ve had as a agency, we constantly have curiosity from different traders seeking to make investments.”
One of many largest unbiased dealer/sellers within the US, Osaic has grown quickly in recent times thanks partly to acquisitions together with Ladenburg Thalmann in 2020. Dealer/sellers assist cash managers that personal their very own practices with back-office features akin to custody and clearing, amongst different providers.
Osaic was a division of American Worldwide Group Inc., which offered the enterprise to Lightyear Capital in 2016. Reverence agreed to purchase it three years later.
The corporate rebranded as Osaic in June as a part of a plan to unite its eight wealth-management companies into one entity supporting greater than 11,000 monetary professionals, it mentioned in a assertion on the time.
Reverence Capital gives personal fairness and structured-capital to middle-market corporations. It was based in 2013 by Milton Berlinski, Peter Aberg and Alex Chulack.
