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FUNDRAISING NEWS | January 29, 2025
Tags: RIA, New Investment
Commonwealth Financial Network is reportedly pursuing a sale of a minority stake in the firm, according to a January 28 Citywire report, citing sources with knowledge of the situation.
According to the report, Commonwealth has retained Goldman Sachs as its investment banker for the capital raise. One of the sources told the publication that Commonwealth has received first-round bids from prospective investors. Commonwealth CEO Wayne Bloom declined to comment on the matter.
External investment would provide Commonwealth with additional backing for recruitment, which it has continued to actively pursue, with recent examples including the addition of a $495M team from Osaic in December 2024 and the addition of a $550M team from LPL in November.
Written By: Dakota
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