DPL Financial Partners (“DPL”), the leading insurance network for registered investment advisors (RIAs), today announced a $26 million combined equity capital investment from its initial investor, Eldridge, and Atlas Merchant Capital, the private investment firm founded by Bob Diamond and David Schamis. DPL plans to invest the proceeds in the development of technology and infrastructure to support its growing advisor base of more than 10,000 advisors and continue to bring commission-free annuity and insurance products to their clients.
“Eldridge has been with us from the start, so they understand the business we’re building, the huge opportunity in front of us, and the place technology has always occupied at the forefront of our strategic plan,” said David Lau, Founder and CEO of DPL. “Their renewed commitment, combined with new backing from Atlas and its renowned leadership team, is incredibly gratifying and exciting.”
“David and his team are evolving annuity distribution by leveraging data, technology, and education,” said Todd Boehly, Chairman and CEO of Eldridge. “They have created a marketplace of value-focused products providing more optionality for people to meet their financial goals.”
“Our team of operators at Atlas were attracted to the opportunity to back a firm focused on the fundamental, technology-oriented transformation of commission-driven insurance distribution,” said Bob Diamond, Founder and CEO of Atlas Merchant Capital. “David has a track record of building businesses that disrupt industries and deliver tremendous value to clients.”
In connection with the investments, representatives from Atlas Merchant Capital and Eldridge will be joining a newly formed board of directors for DPL that will also include Lau and two independent members to be named later.
This article originally appeared on businesswire.
