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Osaic, previously Advisor Group, says it’s shopping for broker-dealers and RIAs Lincoln Monetary Advisors and Lincoln Monetary Securities. The 2 wealth administration corporations are owned by Lincoln Nationwide Corp., which does enterprise as Lincoln Monetary Group.
The transaction, in line with Lincoln, ought to present it with some $700 million upon closing,
The deal might add about 1,450 advisors and roughly $108 billion in belongings — $71 billion in belongings beneath administration and $38 billion in belongings beneath administration — to Osaic’s 10,500-plus monetary professionals and its over $500 billion in AUA.
“We’re excited to welcome Lincoln Wealth’s spectacular management crew, monetary advisors and different devoted staff to Osaic. This acquisition was pushed by the sturdy partnership between Osaic and Lincoln Monetary Group which is able to proceed into the long run,” stated Osaic CEO Jamie Worth.
Lincoln’s wealth enterprise was based in 1969. It’s led by David Berkowitz and its two wealth teams will be part of Osaic as stand-alone entities following the completion of the transaction, in line with a press launch.
“Osaic is an organization we’ve come to know effectively. … and we imagine that collectively, we will support advisors’ development in new methods,” stated Berkowitz, in an announcement.
Osaic is owned by Reverence Capital Companions, a financial-services centered personal fairness group, which is searching for to promote as much as 20% of its stake within the wealth administration agency, it was reported earlier this month.
Its stake in Osaic — which incorporates Osaic Wealth, Triad Advisors, Osaic Establishments and Woodbury Monetary Companies — is estimated to be price $2.5 billion.
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