A minority stake in one the largest broker-dealers in the United States could be sold off by its private equity owners, according to a report by Bloomberg.
The media company cites people close to the matter who are not authorized to discuss the confidential details, who have said Reverence Capital Partners is seeking to sell up to 20% of Osaic, which could be worth as much as $2.5 billion.
The unnamed sources say that discussions with potential buyers are ongoing and could result in a larger stake being sold.
A spokesperson for Reverend declined to comment, and an email sent to Bloomberg by Osaic CEO Jamie Price does not provide any clarity.
“Reverence is and continues to be an incredible long-term partner to Osaic,” Osaic Chief Executive Jamie Price said in the emailed statement. “With the success we’ve had as a firm, we consistently have interest from other investors looking to invest.”
Reverence acquired Osaic under its previous name Advisor Group from Lightyear Capital in 2019. Lightyear had acquired it in 2016 after it was spun off from American International Group. The rebrand to Osaic took place earlier this year.
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