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Steward Partners Secures $140MM Credit Facility Led by Apogem Capital

November 09, 2022, 07:35 AM
Filed Under: Investor Services
Related: Apogem Capital

Steward Partners Global Advisory, an employee-owned, full-service independent partnership, has secured a $140 million credit facility to support the next phase of the partnership's development and fuel its future growth. The facility was led by Apogem Capital LLC, with support from Manulife Investment Management, and Cynosure Investment Partners, LLC.

"This event speaks to Steward Partners' growth as a firm, further enhances our financial stability, and provides additional resources to support our continued growth," said Hy Saporta, President and Chief Operating Officer, Steward Partners Global Advisory.

"This new facility provides us with additional capacity for growth and investment, be it in recruiting or into our platform, services, and solutions" explained Joe Faber, Chief Financial Officer, Steward Partners Global Advisory. "This transaction represents a prudent course of action that utilizes modest leverage to help secure the firm's financial future in the midst of heightened volatility and uncertain market conditions," he continued.

"We've been closely following Steward Partners' trajectory and have been impressed by the firm's differentiated business model and leadership team," said William Kindorf, Co-Head of Sponsor Coverage, Insurance, and Financial Services, Apogem Capital. "We're thrilled to be their capital partner and to provide additional growth that we believe will sustain their momentum."

Steward Partners is one of the country's fastest growing independent wealth management firms, recently ranked on Barron's 2022 list of Top 100 RIAs for the third consecutive year, an annual ranking of independent advisory companies based on value of assets managed, technology spending, staff diversity, succession planning, and other metrics. Steward Partners also had 15 of its partners named to the Forbes List of Best-In-State Wealth Advisors and three advisors on Forbes America's Top Women Wealth Advisors Best-In-State List in 2022, both of which are prepared by SHOOK Research.

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