Boston-based non-public fairness agency Abry Companions has agreed to purchase a majority stake of rising custodian Millennium Belief Firm, in keeping with an announcement. The custodian’s present majority proprietor, Parthenon Capital Companions, will retain a minority stake within the firm.
Phrases of the deal weren't disclosed, however revealed stories say the custodian bought for between $1.6 and $1.eight billion. The information reinforces non-public fairness’s curiosity within the wealth administration area.
Parthenon first introduced its funding in Millennium Belief three years in the past. The agency, which supplies retirement companies and custody for companies, establishments, advisors, and people, has grown to $26 billion in belongings below custody and serves greater than 1.1 million accounts.
Abry manages over $5 billion throughout 4 funds. The agency owns a number of firms within the insurance coverage area, however Millennium is its first funding within the wealth administration business.