Berger Financial Group, a Minnesota-based registered investment advisor with more than $3 billion in assets under management, has sold a majority stake to the Bahrain-based alternative investment giant Investcorp, in a move that will establish a beachhead for further acquisitions, the firms announced.<\/p>\n
Berger, founded in 1981, has grown both organically and through acquisitions<\/a> to serve more than 3,800 clients across nine offices. The firm, which provides financial and retirement planning, tax planning and portfolio management services, had been owned by senior leaders and employees through a stock program, according to its most recent Form ADV. That management team, including CEO Nick Asmus, and about 30 financial advisors, will maintain a \u201csignificant\u201d stake in the firm alongside Investcorp, according to the announcement.<\/p>\n The investment is the culmination of a multi-year pursuit by Bahrain-based Investcorp of a North American<\/a> wealth manager that it could continue to grow, according to the firm. The alternatives manager said its interest in the wealth space is driven by aging demographics, generational wealth transfer, rising financial complexity and client migration toward fee-based fiduciary advice.<\/p>\n