In the latest sign of private equity money finding its way into the wealth management industry, DPL Financial Partners, an insurance network for RIAs, on Wednesday announced a combined $26 million capital infusion from Eldridge and Atlas Merchant Capital.
DPL said that it plans to invest the proceeds in the development of technology and infrastructure to support its growing base of more than 10,000 advisers and continue to bring commission-free annuity and insurance products to their clients.
“Eldridge has been with us from the start, so they understand the business we’re building, the huge opportunity in front of us, and the place technology has always occupied at the forefront of our strategic plan,” said David Lau, founder and chief executive of DPL. “Their renewed commitment, combined with new backing from Atlas and its renowned leadership team, is incredibly gratifying and exciting.”
In connection with the investments, representatives from Atlas Merchant Capital and Eldridge will be joining a newly formed board of directors for DPL that will also include Lau and two independent members to be named later.
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