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Laxman Pai, Opalesque Asia:

Aquiline Capital Partners, a private investment firm based in New York and London, is taking a majority stake in SageView Advisory Group, a retirement planning and wealth management firm, which advises on roughly $119bn in assets.

Randy Long, founder and managing principal of SageView, and Jon Upham, principal, will continue to lead the firm and "retain a significant equity stake" in the company, said a press release.

Besides, an unspecified number of SageView's more than 100 employees will become equity holders in the company as a result of this deal.

SageView has over 100 employees and 25 offices in 17 states, with more than US$ 119 billion in assets under advisement as of September 30, 2020. SageView is headquartered in Newport Beach, California. A large number of SageView's employees will become equity holders as part of this partnership.

"This investment provides us with the capital for continued growth in the institutional retirement and wealth management arenas, as well as expanded ownership among our advisors and key associates at SageView," said Randy Long.

"We have created a unique culture that is of great value to us, which made Aquiline the right choice for a capital partner. Aquiline shares in our vision for the future and is committed to independence, our people, and technology. Partnering with Aquiline will help us better serve our clients and grow our business for the long-term," Randy added.

Jeff Greenber......................

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