Reverence Capital Partners, the financial-services focused private equity group, is seeking buyers for a minority stake in Osaic, the network of wealth management firms formerly known as Advisor Group, people familiar with the matter said.
Reverence is seeking to sell up to 20% of Osaic, a stake that could be worth as much as $2.5 billion, according to the people, who asked not to be identified discussing confidential information.
Deliberations are ongoing and Reverence may yet opt to sell a larger holding, one of the people said.
A representative for Reverence declined to comment.
"Reverence is and continues to be an incredible long-term partner to Osaic," Osaic Chief Executive Officer Jamie Price said in an emailed statement. "With the success we've had as a firm, we consistently have interest from other investors looking to invest."
One of the largest independent broker-dealers in the U.S., Osaic has grown rapidly in recent years thanks in part to acquisitions including Ladenburg Thalmann in 2020. Broker-dealers help money managers that own their own practices with back-office functions such as custody and clearing, among other services.
