Hellman & Friedman LLC is picking up a majority stake in private equity-backed Edelman Financial Services for an undisclosed amount.

Edelman, headquartered in Fairfax, Virginia, manages about $15 billion for 28,000 clients through 41 offices. The asset manager also provides a handful of other financial services, including financial planning, investment management and education. The firm's senior management team will continue to own a stake in the business, as will Lee Equity Partners, the private equity firm that's selling Hellman a majority stake.

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.