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Laxman Pai, Opalesque Asia:

Canada's largest single-profession pension plan, the $155.1 billion Ontario Teachers' Pension Plan, Toronto, and the New York-based private equity firm Lightyear Capital have agreed to acquire wealth management firm Allworth Financial from Parthenon Capital.

The financial terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions, said a press release.

The release also said that the senior management team of Allworth will remain significant shareholders as part of this transaction.

Lightyear and Ontario Teachers intend to keep the Allworth name and brand upon completion of the acquisition. As a Registered Investment Advisors (RIA) in the United States, Allworth has completed ten acquisitions, has grown client assets under management from $2.4 billion to approximately $10 billion since 2017.

"The investment by Lightyear and Ontario Teachers' will enable Allworth to continue to build its national footprint through systematic acquisitions and multi-channel direct marketing efforts to become one of the premier wealth managers in the United States," said the release.

Allworth will become the fifth investment in wealth management by Lightyear's affiliated investment funds, including successful realized investments in Cetera, Advisor Group, and Wealth Enhancement Group, as well as current investment in Cerity Partners, said the release. Lighty......................

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