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National Financial Partners: Indications of Interest
[ by Melanie Gretchen ]
Jessica Bibliowicz, CEO of National Financial Partners Corp, and the daughter of Wall Street Legend, Sandy Weill, issued a statement Wednesday saying the firm had received indications of interest ("IOIs") from private equity firms. Publicly traded shares of the New York brokerage firm rose 13% in response to the news.
The firm now has a committee of independent directors considering a sale. This is not the brokerage firm's first dealing with private equity firms. National Financial initially was backed by Apollo Global Management LLC (APO) about 10 years ago.
Since its IPO 10 years ago, the firm has bulked up its workforce with insurance and investment salesmen - to varied success. In 2012, the firm reported a $7 million drop in net income, to $30 million. Before issuing the statement, the market value of Nation Partners was $800 million.
The interest in the brokerage firm may relate to Ms. Bibliowicz's planned departure in May 2013 - that, according to a November SEC filing.
For further details, go to [Bloomberg, 3/13/13].
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