Aquiline to take controlling stake in wealthtech platform Flourish
Aquiline has entered a deal to invest in Flourish, the wealth technology business owned by MassMutual that provides registered investment advisors with banking-style tools for client services.
The deal is due to complete in the fourth quarter of 2026, pending standard closing requirements and regulatory clearance.
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Once the transaction has closed, Aquiline will become the controlling shareholder in Flourish.
MassMutual will continue to own a “significant” holding.
Flourish CEO Max Lane 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. 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.”
Flourish, which is based in New York, works with more than 1,300 RIAs.
Over the past five years, assets held in custody within its adviser-led cash management offering increased from $1bn to $8bn.
The company has also introduced a home-lending product aimed solely at the independent adviser market.
Aquiline said it plans to work with Flourish as the company continues to respond to changing requirements in the independent adviser sector through additional functions and capabilities.
The aim is to help RIAs compete with large broker-dealers and warehouses.
MassMutual chose Aquiline as its partner partly because of its investment history in wealth, retirement and investment technology, together with experience in expanding market reach and supporting consumer-oriented financial services developments.
Among Aquiline’s previous investments in the wealth and retirement market are Ascensus, Assetmark, RIA-in-a-Box and Sageview.
David Canter, formerly head of Fidelity’s RIA and family office businesses, is set to join the Flourish board as executive chairman.
Aquiline principal Charles Janeway said: “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.”
