NFP Corp., an insurance broker and consultant with more than 4,900 employees, said Tuesday it had acquired Bronfman Rothschild and intends to fold the wealth manager into its Sontag Advisory business.
Bronfman Rothschild is a registered investment advisory firm with 10 offices and more than 100 employees that manage $6.1 billion. Sontag Advisory is a New York City-based independent RIA that manages $5.2 billion.
Management teams from both RIAs will lead the newly combined business, NFP said. Terms of the deal, expected to close in the second quarter, were not disclosed.
“NFP continues to seize opportunities across all our businesses to strengthen capabilities and increase scale,” Doug Hammond, chairman and CEO of NFP, said in a note about the acquisition. “The vision to integrate two successful firms like Sontag and Bronfman Rothschild is now a reality that will drive tremendous growth in our wealth advisory business."
Mike LaMena, president and COO of Bronfman Rothschild, said in a statement that the two firms had similar cultures and the combination positioned his firm to expand its services offered to clients.
Companies affiliated with NFP, both in the past and currently, have been active dealmakers in recent years.
In 2016, NFP sold a majority stake in its independent broker/dealer, NFP Advisor Services, to private equity firm Stone Point Capital, which rebranded the b/d to Kestra Financial as part of the deal. Stone Point sold some of its stake in the brokerage to Warburg Pincus in February, making a new private equity firm the new majority shareholder.