M and A
US Investment Bank Agrees To Buy Wealth, Insurance Advisory Business
The firm being acquired is in the M&A advisory business itself – working with wealth managers, insurers, and related organizations.
New York-listed investment bank Houlihan Lokey has agreed to buy insurance and wealth management advisory services' firm Waller Helms Advisors.
The deal – the financial terms of which were not disclosed – is expected to be completed before December 31, 2024, following regulatory approvals.
Founded in 2014, Chicago-based Waller Helms provides advisory services in connection with mergers and acquisitions, private capital raising, and valuation services, advising clients primarily in the insurance and wealth management sectors. It has advised on more than 230 transactions with over $40 billion of aggregate value.
Recent deals include the sale of Century Equity Partners’ portfolio company, DOXA Insurance, to Goldman Sachs Asset Management; The Mather Group’s recapitalization by The Vistria Group; and BenefitMall’s sale to Truist Financial Corporation on behalf of the Carlyle Group.
Waller Helms’ roster of nearly 50 financial professionals, including 13 managing directors, will join Houlihan Lokey’s financial services group. James Anderson, CEO of Waller Helms, will join as a managing director and global co-head of the financial services group alongside Jeffrey Levine, global head of financial services.
The acquisition adds financial professionals in Chicago, New York, Miami, and the greater Atlanta area.
Houlihan Lokey said that on a pro forma basis, and according to data from LSEG, the new combined group now ranks as the #1 advisor for all global M&A transactions in 2023 in the insurance sector; the asset management sector, including wealth management; and the financial services sector, excluding depositories.
“The addition of this talented group of bankers is highly complementary to our Financial Services platform, adding meaningfully to our current coverage capabilities across numerous subsectors within insurance and wealth management," David Helms, a co-founder of the firm, said in a statement. (John Waller is also a co-founder.)
For a related article about the amount of M&A going on in the US wealth management sector, see here.
