By David Wignall

In mid-2024, private-equity firm Madison Dearborn Partners sold NFP -- a middle-market property and casualty insurance broker -- to Aon, a global professional services firm. Now, just over a year later, Madison Dearborn is buying back most of NFP's wealth management businesses.

According to a press release, Madison Dearborn will repurchase Wealthspire Advisors, Fiducient Advisors, and Newport Private Wealth -- three wealth advisory businesses that previously operated as subsidiaries of NFP. The trio generated approximately $127 million in earnings before tax and other deductions during the 12 months ended June 30, the announcement said.

Madison Dearborn will pay roughly $2.7 billion to buy back the three businesses and related platforms. Vahe Donbalagian, managing partner and co-head of financial services at Madison Dearborn, says the private-equity firm is "tremendously excited to welcome these outstanding businesses back to MDP."

After the transaction, which Madison Dearborn expects to close in late 2025, the businesses will be consolidated under a single brand name. The unified company will be led by Michael LaMena, Wealthspire's current CEO, and Carl Nelson, who currently runs mergers and acquisitions at NFP.

Greg Case, Aon's CEO, says the sale will help Aon focus on its core risk and human-resources consulting businesses. "Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments," he said in a statement.

Wealthspire manages $25.8 billion in assets, according to its latest Form ADV regulatory filing. Fiducient, a retirement plan advisor, manages $67.6 billion in assets, according to its latest Form ADV. Madison Dearborn declined to comment on the current amount of assets the acquired firms manage.

The transaction comes amid intense private-equity activity in the wealth management sector. According to a 2024 report by Fidelity, private-equity acquisitions now account for roughly 78% of all wealth management mergers and acquisitions.

Write to advisor.editors@barrons.com

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September 04, 2025 15:33 ET (19:33 GMT)

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