The wealth management company headed by Jessica Bibliowicz is exploring a potential sale according to three individuals who spoke on condition of anonymity. National Financial Partners is based out of New York and Bibliowicz is the daughter of Sandy Weill.
The company is built from the acquisition of smaller advisory firms and would be reaching out to other private equity firms about a sale. The company has a current market value of US$800 million and has engaged the services of Bank of America Merill Lynch for its expertise. When sought for comment, NFP did not immediately respond while Bank of America declined altogether.
National Financial is but one of the many brokerage firms that have been declining after the 2008 market recession. The lowest share value price it had was at US$1.21 per share while currently the share price is at US$20 per share. The firm reported a 2012 fourth quarter income of US$19.4 million.
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