Ascensus Owner Buys into SageView

SageView Advisory Group has announced a strategic investment from Aquiline Capital Partners, which also owns Ascensus. 

According to a press release, Randy Long, SageView’s Founder and Managing Principal, and Jon Upham, Principal, will retain a significant equity stake and continue to lead the firm.

“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 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.”

“The retirement plan consulting industry has continued to transform over recent years, and we have seen incredible opportunities arise. This partnership with Aquiline will help to drive further growth and will benefit our firm and clients. We could not be more excited for the future of SageView,” added Upham.

SageView has more than 100 employees and 25 offices in 17 states, with more than $119 billion in assets under advisement as of Sept. 30, 2020. A large number of SageView’s employees will become equity holders as part of this partnership, according to the firm.

Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline Capital Partners, said: “We welcome the opportunity to partner with Randy and Jon and their colleagues as they continue to build SageView, one of the leading retirement-focused RIAs in a consolidating industry. We see a substantial opportunity for SageView to serve its clients as wealth management and retirement services converge, and to expand its financial wellness offering.”

Jefferies served as exclusive financial advisor and Burr Forman, LLP served as legal counsel to SageView during the process. Ardea Partners LP served as exclusive financial advisor to Aquiline. Willkie Farr & Gallagher LLP served as legal counsel to Aquiline during the process. Wise Rhino also advised Aquiline.