Another RIA Gets Private Equity Backing And An Exit Path For Principals
- Created: Friday, 23 September 2011 00:17
Rosemont Investment Partners has stepped up to buy an unspecified minority stake in Westmount, which manages about $1.4 billion for clients.
The goal here is to recapitalize the firm while retaining operational control -- and, naturally, keeping the investment platform free from any conflicts of interest created by a corporate client with its own retail products to push.
Chief operating officer Chris Werner and senior vice president Mike Amash are being promoted to partner as part of the deal.
In general, this demonstrates yet another way that advisors can manage their succession plan. Nobody's leaving the firm, but eventually they'll be able to retire and cash out some of the capital that Rosemont is currently pumping into the company.
This Website Is For Financial Professionals Only
- Succession Link, A New Listing Service For Advisors Who Want to Sell Firms, Debuts
- RIA Consolidator Beacon Pointe Announces Deal With $100 Million AUM RIA And Is Looking For 40 More RIAs
- Like Doctors, Advisors Don't Take Their Own Medicine When It Comes To Succession Planning Advice
- Creating A Wealth Management Firm That Will Be Highly Valued When You Are Ready To Sell