David Canter, a well-known figure in the wealth management space, who previously led Fidelity’s RIA and Family Office segments, will join the Flourish board, following the investment.

New York-headquartered private investment firm Aquiline is acquiring a controlling stake in MassMutual-owned Flourish, a wealthtech that equips registered investment advisors (RIAs) with private-bank-like solutions to deliver better results for their clients. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions and regulatory approvals. Following closing, Aquiline will hold a controlling interest in Flourish, while MassMutual will retain a significant stake, the firm said in a statement.

David Canter, who previously led Fidelity’s RIA and Family Office segments and is a well know figure in the wealth management space, will join the Flourish board as executive chairman. He also previously served as the president of Bluespring Wealth Partners.

“I am delighted to join Flourish as the firm continues to develop its proposition for independent advisors. Cash management and lending solutions are key foundational components of a comprehensive wealth management platform,” Canter said.“ In an increasingly competitive advisor landscape, Flourish’s solutions enable independent advisors to more effectively respond to clients’ needs by actively engaging in their clients’ most meaningful financial decisions while protecting and growing their practices.”

Wells Fargo acted as exclusive placement agent and financial advisor to Flourish and MassMutual.

Based in New York, Flourish serves as a growth engine for more than 1,300 RIAs. Having grown assets under custody in its advisor-led cash-management solution from $1 billion to $8 billion in five years, Flourish recently launched the first home-lending solution designed exclusively for the independent advisor channel.

Aquiline’s experience investing across wealth, retirement, and investment technology and its track record of scaling go-to-market and backing consumer-friendly innovation in financial services were key to MassMutual’s decision to select Aquiline as a partner. Past Aquiline investments in the wealth and retirement space include Ascensus, Assetmark, RIA-in-a-Box, and Sageview.

“Under MassMutual’s ownership, Flourish has built a following that includes some of the largest and fastest-growing RIA firms. We look forward to putting our network and experience in wealth management to work on Flourish’s behalf,” Charles Janeway, principal at Aquiline, said.

“Flourish was built on a single insight: identify where clients’ financial lives spill outside the traditional advisory relationship and help advisors grow by bringing those assets into their orbit,” Max Lane, CEO of Flourish, added. “As we enter this next chapter with Aquiline’s strategic backing, we are positioned to move even faster and better to serve the independent advisor market. This new structure preserves our deep, ongoing relationship with MassMutual while providing the agility to accelerate our roadmap and deliver the next generation of products that independent advisors need to succeed.”

Aquiline, which has offices in New York, London, and Philadelphia, has about $11 billion of assets under management.