Advisor Group backs $16bn RIA alongside PE firm Reverence
From CityWireUSA.com:
Broker-dealer network Advisor Group has made its first direct investment in an RIA, acquiring a stake in $16bn hybrid firm Signature Estate & Investment Advisors (SEIA) alongside private equity firm Reverence Capital. Reverence is Advisor Group’s majority owner.
Specific financial terms of the deal, including stake percentages were not disclosed, but Advisor Group chief executive Jamie Price said Reverence’s stake is larger than Advisor Group’s. SEIA was previously majority owned by its founding partners, including chief executive Brian Holmes. Holmes said he is the only owner whose stake in the company has decreased as a result of this deal.