Aquiline is investing in Flourish, a MassMutual-owned wealthtech platform that provides private-bank-style products to independent registered investment advisors. Following completion, Aquiline will hold a controlling interest in Flourish, while MassMutual will retain a significant ownership stake.
The transaction is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
New York-based Flourish works with more than 1,300 RIA firms representing over $2.6 trillion in AUM.
Assets under custody in Flourish’s advisor-led cash management platform have increased from $1 billion to more than $8 billion over five years, and the company has generated more than $1 billion in net new flows to custodians.
Flourish also recently launched a home-lending offering developed specifically for the independent advisor channel.
Aquiline plans to support continued product development and expansion as Flourish helps independent RIAs compete with banks, broker-dealers and wirehouses.
The firm’s previous wealth and retirement investments include Ascensus, AssetMark, RIA-in-a-Box and Sageview.
David Canter, who previously led Fidelity’s RIA and Family Office businesses, will join Flourish’s board as Executive Chairman.
Wells Fargo served as exclusive placement agent and financial advisor to Flourish and MassMutual.
KEY QUOTES:
“Under MassMutual’s ownership, Flourish has built a following that includes some of the largest and fastest-growing RIA firms. We look forward to putting our network and experience in wealth management to work on Flourish’s behalf.”
Charles Janeway, Principal at Aquiline
“Flourish was built on a single insight: identify where clients’ financial lives spill outside the traditional advisory relationship and help advisors grow by bringing those assets into their orbit. As we enter this next chapter with Aquiline’s strategic backing, we are positioned to move even faster and better to serve the independent advisor market. This new structure preserves our deep, ongoing relationship with MassMutual while providing the agility to accelerate our roadmap and deliver the next generation of products that independent advisors need to succeed.”
Max Lane, CEO of Flourish
“I am delighted to join Flourish as the firm continues to develop its proposition for independent advisors. Cash management and lending solutions are key foundational components of a comprehensive wealth management platform. In an increasingly competitive advisor landscape, Flourish’s solutions enable independent advisors to more effectively respond to clients’ needs by actively engaging in their clients’ most meaningful financial decisions while protecting and growing their practices.”
David Canter, Incoming Executive Chairman of Flourish
“This transaction reflects our strong confidence in Flourish’s future and its path for continued growth. By welcoming Aquiline as an investor and building on MassMutual’s continued support and ownership, we believe Flourish will be even better positioned for long-term success.”
Paul LaPiana, CFP, Head of Brand, Product and Affiliated Distribution at MassMutual
