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Financial Advisory  + Direct Investment  + M&As  |  November 6, 2023
Sammons Financial Takes Majority Stake in $5B Northrock Partners
Joe Palmisano
By: Joe Palmisano

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.

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NorthRock Partners Sammons Financial Group

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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