Advent's investment in Fisher reflects rising demand for wealth managers, plus 5 PE-backed vet care deals

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Advent's investment in Fisher reflects rising demand for wealth managers, plus 5 PE-backed vet care deals

Good morning dealmakers, thank goodness it’s Friday.

It’s Obey Martin Manayiti here with the newsletter.

We are starting this morning with a look at the wealth management space where Advent International is acquiring a minority stake in Fisher Investments. Below, we delve into the opportunities the firm identified with the deal.

Next, we turn to life insurance with a conversation with HBx Capital Management founder and CEO Corey M. Baylor. HBx Capital and Larchmont Insurance invested in life insurance agency Toropoint Financialthis week.

For the trend of the week, we have a listicle featuring five PE-backed deals focusing on vet care.

Active money managers

In wealth management, investors are likely more comfortable dealing with strong institutions than robo-advisers, David Mussafer, a managing partner at Advent International told PE Hub following his firm’s recent minority investment in Fisher Investments.

Premium subscribers to the Wire have more on this deal.

For more on wealth management, PE Hub rounded up half a dozen deals in the sector earlier this year.

Life insurance

HBx Capital Management and Larchmont Insurance Group this week invested in Toropoint Financial, a Silicon Valley-based life insurance agency.

PE Hub caught up with Corey M. Baylor, the founder, chairman and CEO of HBx to hear more on what attracted his firm to this investment.

Upgrade to the premium version of the Wire to learn more.

Pet care

Despite the ongoing lull in dealmaking across several subsectors, 2024 has been kind to the veterinary space so far, with strong PE investment activity seen over the first six months, writes my colleague John Fischer.

Vet care, which was popular even prior to the pandemic, has only grown as a priority for pet owners, who are increasingly willing to spend more on their animals.

John rounded up five PE-backed vet care deals. Premium subscribers have access to all the deals in this story.

That’s it for today. You can always reach me at obey.m@pei.group for news tips.

MK Flynn will be back with the newsletter on Monday.

Have a nice weekend,

Obey

Read the full wire commentary on PE Hub ...

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They said it

“There was a time about 10 years ago where people thought the wealth management space would move to a passive investing model with robo-advisers and that active money managers would be a much smaller part of the global market. Since then we’ve seen that customers want the safety and security of knowing that there is a very strong institution that is managing their money and that there is a person behind that.”

— David Mussafer, a managing partner at Advent International following his firm’s recent minority investment in Fisher Investments.