Wealthspire Advisors is taking a new form, as the firm announced a restructuring, following Aon’s $2.7 billion buyout by private equity firm Madison Dearborn Partners. 

The transaction, which closed on October 30, merges Wealthspire Advisors with retirement plan manager Fiducient Advisors, management firm Ground Control Business Management, Canada-based wealth manager Newport Private Wealth, and Wealthspire Retirement Advisory, which was formerly a unit of NFP Retirement. 

The combined entity, which collectively oversees more than $580 billion in assets under management, will assume Wealthspire’s name and branding. 

As part of the transaction, Michael LaMena, former CEO of Wealthspire, will serve as CEO of the combined Wealthspire business. Carl Nelson, former EVP of mergers & acquisitions at NFP, has been appointed as president of Wealthspire, the firm said. 

“This is a defining moment for our organization and for our industry,” LaMena said. “By bringing together leading firms with complementary strengths, we’re creating a unified platform built for the future that draws on deep expertise, advanced technology, and a shared commitment to serving clients.” 

The combined entity has 1,200 employees across more than 40 offices, including Wealthspire’s 130 financial advisors, the firm said. 

Aon acquired NFP from Madison Dearborn Partners last April in a transaction valued at $13.4 billion in cash and stock. Madison Dearborn Partners first acquired NFP in 2013 for $1.3 billion. 

Wealthspire was formed in 2019, after NFP acquired Maryland-based Bronfman Rothschild and integrated the firm with New York-based Sontag Advisory to form a combined RIA with about $10 billion in total assets.