SVB Financial Group, the former parent company of Silicon Valley Bank, said it reached a deal to sell its venture capital unit to a newly created affiliate of Pinegrove Capital Partners.
The transaction will involve a combination of cash and “other economic consideration” and is subject to bankruptcy court and regulatory approval, according to a statement. The buyer is backed by capital from Brookfield Asset Management and Sequoia Heritage.
The unit — called SVB Capital — is among the most valuable assets to emerge from Silicon Valley Bank’s collapse last year. SVB Financial had earlier explored selling the venture capital unit, which its advisers valued at as much as $572 million, according to court papers filed in January.
Earlier this year, SVB Financial and a crucial bloc of senior bondholders agreed to a deal centered on forming a new company that would hold valuable assets like SVB Capital and tax attributes potentially worth billions of dollars, the court papers showed.
Counting advisor moves in and out of firms requires some art as well as science.
“I'm just a big believer that based on demographics alone, we are looking at a 10-to-15 year bull market in M&A in the RIA and independent wealth space,” said Michael Belluomini, SVP of M&A at Carson Group.
As a tsunami of retirees comes crashing in, three-fifths of those surveyed believe – wrongly – that the federal safety net will cover their LTC needs.
Orion's latest update, a partnership with 11th.com, focuses on an underserved area of compliance for advisors and wealth firms.
The latest arrivals, including a 10-advisor ensemble from Ameriprise, bolster the firm's independent contractor and employee advisor channels.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
