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Hellman & Friedman announced its plans to acquire the Sunnyvale based enterprise retirement platform and combine it with Edelman Financial Services. The combined entity is expected to manage nearly $200b in AUM and become the largest RIA in the country.
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"This combination enhances the combined company's ability to win in the mass affluent space," he said. Financial Engines CEO Larry Raffone will lead the combined company. In a statement, Mr. Raffone said the merger with Edelman is "the best path for us to achieve our long-term strategic objectives, while providing significant and immediate upside to our stockholders." Shares of Financial Engines jumped more than 32% following news of the acquisition.
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