MarketWatch recently reported that Rosemont has entered a definitive agreement, pending regulatory approval, to sell its minority equity interest in Clearstead, an institutional and private client advisory firm with approximately $28 billion in assets under management and advisory as of June 30, 2021.
Following the firm’s announcement, MarketWatch wrote, “Clearstead has realized more than $10 billion in AUA growth and multiple accretive hires, which has helped it build a first-class reputation for comprehensive wealth management for its clients.”
The publication also provided insight from Rosemont Managing Director Brad Mook.
“Clearstead has developed into one of the premier investment advisory and wealth management firms in the country,” Mook commented. “It is well-structured and positioned to continue to grow and serve its clients at a very high level, and we are proud to have helped as its strategic partner over the past four years. We would have happily continued as Clearstead’s partner indefinitely if not for our legacy PE fund structure.”
While Rosemont has transitioned into a permanent capital investment structure, the transaction represents the third realization for Rosemont Partners III, LP in 2021.