The Ontario Teachers’ Pension Plan is co-leading an investment partnership with Integrum Holdings LP and Lightyear Capital LLC in wealth management advisory firm Allworth Financial.
The financial details of the transaction weren’t disclosed but a press release confirmed that Allworth’s management team will continue to lead the U.S.-based company, while the existing employee and advisor shareholders will hold significant ownership in the investment advisory firm.
“We will leverage our deep expertise investing in wealth management businesses globally to help the company execute its value creation plan and build on the momentum we have seen over the past five years,” said Jeff Markusson, senior managing director at the Ontario Teachers’, in the press release.
In other news, the British Columbia Investment Management Corp. is selling Louisiana-based electric utility firm Cleco Group LLC to Stonepeak and Bernhard Capital Partners.
The BCI was part of an ownership consortium with Macquarie Asset Management and Manulife Investment Management overseeing Cleco. The financial details of the transaction weren’t disclosed. According to a press release, the ownership consortium invested approximately US$3 billion in Cleco’s projects.
The consortium owners worked with the company’s management to strengthen and modernize operations ahead of growing demand in the area, said Lincoln Webb, executive vice-president and global head of infrastructure and renewable resources at the BCI, in a statement.