Funds managed by private equity firm Stone Point Capital has completed the acquisition of a majority stake in Kestra Financial, an independent broker-dealer and registered investment advisor based in Texas.

Under the terms of the deal, insurance broker and consultant NFP, which is the former parent of Kestra, offloaded a majority interest in Kestra to funds managed by Stone Point.

The ultimate parent of NFP will maintain a substantial minority ownership stake in Kestra after the completion of the deal.

Stone Point CEO Chuck Davis said: "We are thrilled to partner with the management of Kestra to build a next-generation independent advisor platform. Our business model is designed to team up with experienced management teams poised for even greater success, and Kestra is no exception."

Kestra Financial president and CEO James Poer added: "Our firm has an established legacy of empowering advisors and providing the necessary resources and support to help them achieve success, the definition of which is unique to each advisor. Under our new brand and ownership structure, Kestra is entering an exciting era while maintaining this commitment."

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By GlobalData

Previously known as NFP Advisor Services, Kestra supports over 1,700 independent financial advisors in providing securities and investment advisory services to their clients.