Lightyear Capital, the private equity firm that recently sold its majority stake in Advisor Group to Reverence Capital Partners, is reportedly looking for a buyer for Wealth Enhancement Group, the registered investment advisor it picked up in April 2015.
The firm has hired Raymond James to advise on the sale, according to Buyouts Insider, which first reported the news.
“As a matter of policy, Wealth Enhancement Group does not comment on speculation regarding M&A activity or strategic transactions of any kind," said a spokesperson for the RIA.
Lightyear spokesman Elliot Sloane declined to comment.
Wealth Enhancement Group has been growing rapidly the past several years through acquisition, fueled primarily by Lightyear investment. The $11.3 billion wealth manager has done 12 deals since the end of 2013. Most recently, it bought Baltimore-based Planning Solutions Group, an independent, hybrid registered investment advisor and broker/dealer with $1.3 billion in assets.
Last week, WealthManagement.com had sources confirm reports that another large RIA, Mercer Advisors, with over $16 billion in client assets, was up for sale by its private equity owner, Genstar Capital.