$2B AUM Cedar Brook Group Leaves Advisor Group for Atria The move is the largest so far for the five-year-old Atria Wealth Solutions, a network of advisory firms backed by Lee Equity Partners.
Cadaret Grant, an independent wealth management firm and subsidiary of Atria Wealth Solutions, has recruited $2 billion AUM advisory team Cedar Brook Group. Cedar Brook Group was previously an office of supervisory jurisdiction for independent broker/dealer Securities America, a subsidiary of Advisor Group.
The 16-year-old OSJ carries $2 billion in assets under management and brings 49 people to Cadaret Grant. Twenty are licensed financial professionals. Cedar Brook is headed by CEO and founder William Glubiak and located in Cleveland and Strongsville, Ohio and West Bloomfield, Mich.
MidCap Financial Gets $800 Million in Fresh Equity
Posted on 04/23/2021
MidCap Financial, LLC is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. As of December 31, 2020, MidCap Financial provides management or other services for over US$ 29.8 billion of commitments, of which US$ 5 billion is managed by MidCap Financial Services Capital Management LLC, a registered investment advisor. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, Inc.
MidCap Financial has raised more than US$ 800 million of new equity from a diverse group of global investors that included Apollo clients, including Athene Holding Ltd. as well as pensions, sovereign wealth funds, and other leading institutions. The US$ 800 million equity raise follows MidCap’s more than US$ 2 billion capital raise in 2016, which included commitments from Athene, Apollo and a number of Apollo LPs.
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Warburg Pincus Returns to Edelman Financial Engines The recapitalization values Edelman at $7.3 billion, and brings Warburg Pincus Michael Martin back to the firm as a minority shareholder.
Edelman Financial Engines tapped private equity giant Warburg Pincus in a recapitalization that values the investment advisory firm at $7.3 billion, according to an announcement earlier this week.
The valuation is a boon for private equity investor Hellman & Friedman, which merged Edelman Financial Services, Ric Edelman’s registered investment advisory firm, with Financial Engines, the tech-focused corporate retirement plan advisor, in a 2018 deal that valued the combined entity at $4.5 billion at the time, according to insiders.
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(Reuters) - Private equity firm Warburg Pincus has agreed to acquire a minority stake in Edelman Financial Engines, valuing the U.S. investment advisory services provider at $7.3 billion, including debt, the companies told Reuters on Sunday.
The deal represents a 62% increase in the valuation of Edelman Financial Engines since 2018, when buyout firm Hellman & Friedman created it through the merger of two companies. It underscores the growth of the registered investment adviser (RIA) industry as more Americans seek professional help to invest their savings.
Hellman & Friedman will retain a majority stake in Edelman Financial Engines, the companies said. They did not disclose the exact stake that Warburg Pincus was acquiring, but the private equity firm’s head of financial services, Michael Martin, said in an interview it represented a “mid-to-high teens” percentage equity ownership.