Wealth management platform Insigneo has secured $100m in strategic minority investment from Bain Capital Credit and J.C. Flowers & Co.
The fresh capital will help the Florida-headquartered firm to accelerate its growth and expansion strategy.
Insigneo operates as an SEC-registered broker dealer and registered investment adviser (RIA) firm.
The firm also provides its services in Uruguay, Argentina and Chile through locally-regulated advisory firms.
It currently caters to around 170 investment professionals (IPs) and 37 partner firms and manages approximately $13bn in client assets.
Commenting on the development, Insigneo chairman and CEO Raul Henriquez said: “There’s great opportunity for Insigneo to continue on its growth trajectory as an independent wealth management firm focused particularly on the international front.
“The fact that two of the world’s leading private investment firms have chosen to support our growth plans is testament to our strong leadership and unique culture —focused on service, innovation and technology. We welcome Bain Capital Credit and J.C. Flowers as strategic partners and are confident their support will enhance our overall capabilities.”
As part of the deal, Bain Capital Credit will offer debt financing to support Insigneo’s previously announced acquisition of broker dealer and advisory businesses of Citi.
The firm agreed to purchase Citi International Financial Services (CIFS) and Citi Asesores de Inversion Uruguay from Citi in December last year.
Bain Capital Credit vice president June Huang added: “Raul and the Insigneo team have built a best-in-class wealth management platform to serve the evolving needs of international advisors and their clients. We’re excited to partner with them on the next stage of their growth.”
J.C. Flowers operating partner Richard Carrión added: “There is a growing demand for wealth management services in general, but especially in underserved Latin America, where Insigneo is very well positioned for further expansion.
“We look forward to leveraging our deep financial services experience to help the company identify and secure new opportunities.”