Lightyear Capital, the personal fairness agency that lately offered its majority stake in Advisor Group to Reverence Capital Companions, is reportedly in search of a purchaser for Wealth Enhancement Group, the registered funding advisor it picked up in April 2015.
The agency has employed Raymond James to advise on the sale, in response to Buyouts Insider, which first reported the information.
“As a matter of coverage, Wealth Enhancement Group doesn't touch upon hypothesis relating to M&A exercise or strategic transactions of any variety," mentioned a spokesperson for the RIA.
Lightyear spokesman Elliot Sloane declined to remark.
Wealth Enhancement Group has been rising quickly the final a number of years by acquisition, fueled primarily by Lightyear funding. The $11.three billion wealth supervisor has finished 12 offers because the finish of 2013. Most lately, it purchased Baltimore-based Planning Options Group, an impartial, hybrid registered funding advisor and dealer/vendor with $1.three billion in belongings.
Final week, WealthManagement.com had sources verify stories that one other giant RIA, Mercer Advisors, with over $16 billion in consumer belongings, was up on the market by its personal fairness proprietor, Genstar Capital.
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