Aon buys wealth manager for $13.4B

Aon buys wealth manager for $13.4B
The deal for NFP will bring together a shared commitment to client excellence, the companies say.
DEC 21, 2023

Aon Plc, a global professional services firm providing a broad range of risk, retirement and health solution, is set to purchase NFP, a middle market property and casualty broker, benefits consultant, wealth manager and retirement plan advisor.

The purchase comes from funds affiliated with NFP’s main capital sponsor, Madison Dearborn Partners, and funds affiliated with HPS Investment Partners, according to a statement Wednesday.

Chairman and CEO of NFP, Doug Hammond, will continue to lead the business as “an independent but connected platform within Aon,” the companies said in a statement. Hammond will report to president of Aon, Eric Andersen.

Founded in 1999, the privately held firm sees Aon as an ideal partner for growth and serving the dynamic needs of clients.

“Our clients will benefit from Aon’s global resources and distribution, while our people will have more opportunities to accelerate the growth of NFP,” Hammond said in a release. “With aligned values and capabilities across different-sized market segments, we look forward to working with the Aon team to elevate performance and make the transaction successful for everyone involved.”

Greg Case, CEO of Aon, said the purchase of NFP will advance their relevance to clients and further strengthen shared cultural values.

The firm’s Aon United strategy, Aon Business Services operating platform and investments in advanced analytics have driven a long-term track record of results, according to the companies, “and the acquisition will enable the combined firms to efficiently deliver content and capabilities to the middle-market segment.”

Under the terms of agreement, Aon will acquire NFP for a total estimated to be $13.4B at the time of close, which will be funded by $7B of cash and $6.4B of Aon stock.

The deal is expected to close in mid-2024.

Latest News

JPMorgan tells fintech firms to start paying for customer data
JPMorgan tells fintech firms to start paying for customer data

The move to charge data aggregators fees totaling hundreds of millions of dollars threatens to upend business models across the industry.

FINRA snapshot shows concentration in largest firms, coastal states
FINRA snapshot shows concentration in largest firms, coastal states

The latest snapshot report reveals large firms overwhelmingly account for branches and registrants as trend of net exits from FINRA continues.

Why advisors to divorcing couples shouldn't bet on who'll stay
Why advisors to divorcing couples shouldn't bet on who'll stay

Siding with the primary contact in a marriage might make sense at first, but having both parties' interests at heart could open a better way forward.

SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives
SEC spanks closed Osaic RIA for conflicts, over-charging clients on alternatives

With more than $13 billion in assets, American Portfolios Advisors closed last October.

William Blair taps former Raymond James executive to lead investment management business
William Blair taps former Raymond James executive to lead investment management business

Robert D. Kendall brings decades of experience, including roles at DWS Americas and a former investment unit within Morgan Stanley, as he steps into a global leadership position.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

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.