$3 Billion Berger Financial Sells Majority Stake to Investcorp
Berger Financial Group, a Minnesota-based registered investment advisor with over $3 billion in assets under management (AUM), has sold a majority stake to Bahrain-based alternative investment firm Investcorp. The deal marks the culmination of years of effort by Investcorp to establish a presence in North America’s wealth management sector and aims to support further growth through acquisitions. Berger, which serves over 3,800 clients across nine offices, will retain its leadership team led by CEO Nick Asmus along with approximately 30 financial advisors who will maintain significant ownership. Investcorp has stated that the acquisition aligns with trends such as aging demographics and generational wealth transfer. Investcorp’s managing director Vitali Bourchtein emphasized Berger's strong client retention, fee-based model, and potential for value creation in a fragmented market. The partnership is expected to enhance Berger’s positioning while allowing current leadership to manage daily operations.
Topics: Investment Management Private Equity Acquisition Wealth Management Industry