NFP Corp., an insurance coverage dealer and advisor with greater than four,900 staff, mentioned Tuesday it acquired Bronfman Rothschild and intends to fold the wealth supervisor into its Sontag Advisory enterprise.
Bronfman Rothschild is a registered funding advisory agency with 10 workplaces and greater than 100 staff that handle $6.1 billion. Sontag Advisory is a New York Metropolis-based unbiased RIA than manages $5.2 billion.
Administration groups from each RIAs will lead the newly mixed enterprise, NFP mentioned. Phrases of the deal, anticipated to shut within the second quarter, weren't disclosed.
“NFP continues to grab alternatives throughout all our companies to strengthen capabilities and improve scale,” Doug Hammond, chairman and CEO of NFP, mentioned in a observe in regards to the acquisition. “The imaginative and prescient to combine two profitable corporations like Sontag and Bronfman Rothschild is now a actuality that may drive large progress in our wealth advisory enterprise."
Mike LaMena, president and COO of Bronfman Rothschild mentioned in an announcement that the 2 corporations had comparable cultures and the mix positioned his agency to broaden its companies supplied to purchasers.
Corporations affiliated with NFP, each prior to now and at the moment, have been energetic dealmakers in recent times.
In 2016, NFP bought a majority stake in its unbiased dealer/supplier NFP Advisor Companies to non-public fairness agency Stone Level Capital, which rebranded the b/d to Kestra Monetary as a part of the deal. Stone Level bought a few of its stake within the brokerage to Warburg Pincus in February, making a brand new personal fairness agency the brand new majority shareholder.
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