OneDigital, the insurance broker that earlier this year acquired Resources Investment Advisors, is receiving a majority investment from PE firm Onex, the companies announced Thursday.
Toronto-based Onex, which manages about $35.6 billion, is acquiring the majority ownership from New York-based New Mountain Capital, according to the announcement.
It is unclear how, if at all, the change in majority ownership would affect OneDigital’s plan to buy more RIAs. After the Resources deal was announced in February, the companies were seeking “an aggressive expansion” in that market.
Overland Park, Kansas-based RIA and adviser-support firm Resources had about $45 billion in assets under management at the time. That acquisition, which represented OneDigital’s entry in the retirement plan business, also included numerous retirement plan adviser firms affiliated with Resources.
Terms of the Onex deal were not disclosed. The companies expect it to close during the fourth quarter of 2020, depending on regulatory approval, according to the announcement.
OneDigital did not respond to an interview request.
Atlanta-based OneDigital has about 2,000 employees across more than 100 U.S. offices. It works with about 50,000 employers, according to the firm.
“There is a tremendous investment opportunity to deploy capital and consolidate talent while expanding into adjacent insurance and financial services verticals where we have a great deal of experience,” Onex managing director Todd Clegg said in the announcement.
The majority investment from Onex “means we can offer more specialized guidance and personalized service for years to come,” OneDigital CEO Adam Bruckman said in the statement. “We remain committed to serving as a strategic advisor to ease the immediate burden companies are facing today and walk alongside them as they rebuild for the future.”
New data shows most people do not have enough saved to cover costs and are not fully utilizing their accounts.
Firms announce new recruits this week, with teams overseeing hundreds of millions in client assets switching affiliations.
It’s the 12th deal for Stratos since SEI's investment and follows 11 acquisitions worth $4.8B in 2025.
Proposal to make historic shift in US digital asset policy would give crypto issuers two registration exemptions and a safe harbor from securities classification.
Allianz Life research reveals a retirement confidence gap between childless Americans and parents.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
