Savant Wealth Management, a Rockford, Illinois-based registered investment adviser that oversees almost $12 billion in assets, said a private investment firm, Kelso & Co., has taken a minority stake in Savant that will give the firm capital to bolster its acquisitions and organic growth strategy.
Two Kelso partners, Chris Collins and Steve Dutton, will join Savant’s board, but the firm’s current management team will remain in place, with CEO Brent Brodeski retaining full control.
All current stakeholders in Savant, including founding employees, board members, family offices and other outside stakeholders who invested in Savant in 2016, retain their investments, and 16 more employees have become investors in the firm.
"As we looked to build on our momentum and enter our next phase of growth, we sought a partner who not only could provide a strategic capital infusion, but whose approach, values and interests were a strong match,” Brodeski said.
[Recommended video: Building digital experiences for clients]
Goldman Sachs Asset Management report reveals sharpened focus on annuities.
Ahead of Father’s Day, InvestmentNews speaks with Andrew Crowell.
Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.
'Nostradamus' real estate entrepreneur accused of misleading investors on social media despite SEC's objections.
LPL loses another institutional client as Cetera adds a $160 million win to its credit union partnership streak.
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
