There will be no change to Aon’s wealth practice the UK following the sale of NFP’s wealth division to Madison Dearborn in the US.
Aon announced yesterday that it would be selling a significant majority of this business to the private equity investment firm for around $2.7bn. This wealth division includes Wealthspire Advisors, Fiducient Advisors, Newport Private Wealth and related platforms.
Aon only acquired NFP from Madison Dearborn last year, as part of a $13bn acquisition that also included its insurance brokerage business. Aon said that the decision to sell the wealth division back to Madison Dearborn would allow it to focus on its core businesses, which include institutional wealth and retirement and investment consulting.
Aon CEO Greg Case says: “We remain highly committed to our core wealth and retirement business helping employers, fiduciaries and investment officers through our leading institutional retirement, investment consulting and delegated management capabilities and expertise.”
He adds: “Through disciplined portfolio management, we are further strengthening our capital position while enabling greater flexibility for high-return growth investments that drive sustained value creation and shareholder returns.”
Following the close of the transaction, the Madison Dearborn-acquired businesses will be consolidated and operate under a unified brand name. The company will be led by Michael LaMena (currently CEO of Wealthspire Advisors) as CEO and Carl Nelson (currently head of M&A for NFP) as president.
Aon UK confirmed it was not anticipating any impact to its UK wealth business. In the UK Aon has been acquiring business in recent years – although largely on the insurance broking side. In July this year, NFP, part of the Aon group, acquired Bspoke Insurance, a managing generate agent and underwriter based in Leeds. Last year Aon also acquired the Griffiths & Armour insurance brokers, based in the north west of England.
In March 2024 it also acquired the AI-powered insurtech firm Human.AI.
