Workplace adviser gets private equity backing

Workplace adviser gets private equity backing

Workplace financial adviser Wealth at Work has received further private equity backing, six years after it was taken over in a management buyout in 2015.

Wealth at Work, which employs 250 people and works with over 450 private and public sector employers in the UK, has received an undisclosed amount from US-based Aquiline Capital Partners, which it will use for further growth.

The firm was taken over by Equistone Partners Europe in a management buyout in 2015 and said its management team, led by chief executive officer David Cassidy, would retain a significant equity stake following the latest deal.  

Wealth at Work offers a suite of workplace advice and guidance services ranging from seminars and digital tools such as the financial healthcheck through to virtual or telephone guidance services and regulated financial advice.

Aquiline providing backing is a private investment firm based in New York and London with $6.4bn (£4.5bn) in assets under management.

Cassidy said: “This investment will allow us to continue to grow and meet the rapidly increasing demand for our services which are used by a number of the largest companies and organisations in the UK. 

“I very much look forward to working with Aquiline whose deep understanding of the UK and US retirement market and track record of supporting technology-driven growth will help us further develop our offering to clients, deliver innovation and set new standards of best practice. 

“We would also like to take this opportunity to thank Equistone for the support they have provided so far, and we look forward to continuing our work with them as we take our business to the next chapter.”

Equistone will retain a minority stake in the company alongside Aquiline and management­­­­­­­­­­­­­­­­­­­­­­.

Jeff Greenberg, chairman and CEO of Aquiline, said: “Individuals are facing increasingly complex and important financial decisions as they plan for retirement, which Wealth at Work helps them navigate. 

“We believe that David and his team have built a platform that can deliver high-quality, personalised financial guidance and advice to a growing number of workplace savers across the UK in a highly scalable and technology-enabled manner. 

“We are excited about partnering with them in the next phase of their journey.”

Dominic Geer, senior partner at Equistone, added: “We are delighted that, after five years of working closely with David and his team at Wealth at Work, the company is in a strong position to explore exciting new opportunities.”

Closing of the investment is subject to the parties obtaining relevant regulatory approval.

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