Private equity firm Warburg Pincus has taken a minority stake in Edelman Financial Engines. The investment, the size of which was not disclosed, values the company at $7.3 billion. The deal is expected to close in the second quarter, the company said in a release.
Hellman & Friedman remains the company's majority owner. Hellman & Friedman bought a stake in Edelman Financial Services in 2015, purchased Financial Engines for $3.02 billion in 2018 and then merged the two.
Edelman Financial Engines, one of the nation’s largest RIA firms, manages $260 billion.
In 2019, Warburg Pincus took a majority stake in independent broker-dealer Kestra Financial.
New chief executive Rich Steinmeier replaced Dan Arnold on October 1.
The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.
Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.
New survey finds varied levels of loyalty to advisors by generation.
Busy day for results, key data give markets concerns.
A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.
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