Stone Point Capital buys Kestra Financial from NFP

NFP said April 4 that it has changed the name of NFP Advisor Services to Kestra Financial and selling a majority of the unit Stone Point Capital LLC. Financial terms weren’t announced. NFP is maintaining a minority stake. Austin-based Kestra Financial provides securities and investment advisory services. BofA Merrill Lynch provided financial advice while Ropes & Gray was the attorney for NFP. NFP is backed by Madison Dearborn Partners. In November, Buyouts Insider reported that NFP had put its wealth management unit up for sale.

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