Retirement planning and wealth management advisory firm SageView Advisory Group today announced a strategic investment from private investment firm Aquiline Capital Partners.
According to a Jan. 5 statement announcing the deal, this transaction represents the sale of the largest, fully independent, retirement-focused Registered Investment Advisor (RIA) in the U.S. with more than $119 billion in assets under advisement (as of Sept. 30, 2020).
Randy Long, SageView Founder and Managing Principal, and Jon Upham, Principal, will retain a significant equity stake and continue to lead the firm.
“This investment provides us with the capital for continued growth in the institutional retirement and wealth management arenas, as well as expanded ownership among our advisors and key associates at SageView,” Long said. “We have created a unique culture that is of great value to us, which made Aquiline the right choice for a capital partner. Aquiline shares in our vision for the future and is committed to independence, our people and technology. Partnering with Aquiline will help us better serve our clients and grow our business for the long-term.”
Newport Beach, Calif.-based SageView, founded by Long in 1989, has over 100 employees and 25 offices in 17 states. SageView advises on 401k, 403b, 457, defined benefit and deferred compensation plans. A large number of SageView’s employees will become equity holders as part of this partnership.
“The retirement plan consulting industry has continued to transform over recent years, and we have seen incredible opportunities arise. This partnership with Aquiline will help to drive further growth and will benefit our firm and clients. We could not be more excited for the future of SageView,” added Upham, who has been with the firm since 1999.
“We welcome the opportunity to partner with Randy and Jon and their colleagues as they continue to build SageView, one of the leading retirement-focused RIAs in a consolidating industry,” said Aquiline Capital Partners Chairman and CEO Jeff Greenberg. “We see a substantial opportunity for SageView to serve its clients as wealth management and retirement services converge, and to expand its financial wellness offering.”
Jefferies served as the exclusive financial advisor and Burr Forman, LLP served as legal counsel to SageView during the process. Ardea Partners LP served as exclusive financial advisor to Aquiline Capital Partners and Willkie Farr & Gallagher LLP served as legal counsel. Wise Rhino also advised Aquiline.
Aquiline, founded in 2005, is based in New York and London investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
