** Shares of wealth manager Insignia Financial IFL.AX rise 2.1% to A$4.525
** Stock rises as much as 2.7% earlier in the day to hit its highest level since late October 2021
** Insignia Financial receives improved offer from U.S.-based Bain Capital to acquire co for A$3.07 bln ($1.92 bln ), matching rival CC Capital Partners' offer
** Co had previously rejected an approach from private equity firm Bain Capital in late December
** Stock up 24.8% YTD, as of last close
(Reporting by John Biju in Bengaluru)
((John.Biju@thomsonreuters.com;))
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