Jefferson National Financial, Louisville, Ky., has a new ownership structure after the completion of a management buyout led by Financial Partners Fund, a unit of Citi Capital Advisors; the Stephens Group, and Eric Schwartz, a private investor.
Helming Jefferson National's executive management team in the buyout deal was CEO Mitchell H. Caplan (left). "Jefferson National will deploy the new capital from this transaction to move forward aggressively and drive greater growth of our successful RIA and fee-based advisor distribution strategy," said Caplan in a statement announcing the deal. The former CEO of E*Trade Financial, Caplan joined Jefferson National in 2010.
Jefferson National focuses on products and services for RIAs and fee-based advisors and their clients. It has a national network of more than 1,500 RIAs and fee-based advisors. In 2005, the company launched Monument Advisor, which it touts as the first flat insurance fee variable annuity with a selection of more than 350 funds. Since its launch, the product has amassed more than $1 billion in sales.