The Blackstone Group LP (NYSE: BX) is buying Philadelphia Financial Group Inc. from Tiptree Financial Inc. (Nasdaq: TIPT) for $155 million.

Philadelphia Financial provides advisory services to high net-worth individuals and institutions. The company also has a life insurance business.

New York asset manager Blackstone is making the deal through funds managed by its tactical opportunities group.

The purchase price includes an additional $10 million to be paid over two years.

New York-based Tiptree is a holding company that owns insurance, specialty finance, asset management and real estate groups.

Houlihan Lokey Financial Advisors Inc. advised Tiptree on the deal. Lazard advised Blackstone, and Hannover Re is providing financing for the deal. Schulte Roth & Zabel LLP acted as Tiptree’s legal counsel, while Debevoise & Plimpton provided legal advice to Blackstone.

Other recent financial services deals include Ares Management LP’s (NYSE: ARES) deal for Keltic Financial Services LLC and North Street Global Fund Services’ purchase of Hedge Solutions Inc. More deals in the sector are expected. See M&A in Financial Services Expected to Expand Over Next Year.