
Sammons Financial Takes Majority Stake in $5B Northrock Partners
Sammons Financial Group, a Midwest based annuity and insurance company, will take a majority stake in Minneapolis-based NorthRock Partners, a full-service financial and lifestyle advisory firm with about $5 billion in assets under management.
Financial terms of the deal were not disclosed.
“Our future with Sammons Financial Group allows us to both accelerate our growth and do so with excellence to bring our Personal Office (a model that serves over 1,500 clients) to more clients in more markets,” said Rob Nelson, CEO of NorthRock Partners.
Sammons Financial is privately-owned, with member companies in the financial services industry. It has $117 billion in GAAP assets, according to the firm. The company also has its own in-house turnkey asset management program — Beacon Capital Management — and is an investor in asset manager and investment bank Guggenheim Partners.
