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Report: Stone Point puts broker/dealer Kestra Financial on the block

Stone Point Capital LLC is seeking suitors for independent broker/dealer Kestra Financial Inc., Investment News reported Dec. 14, citing three industry sources.

The private equity firm had purchased a majority stake in the broker/dealer in 2016.

Goldman Sachs is reportedly serving as Stone Point's adviser, with the bidding process expected to start in the week of Dec. 17.

Representatives for Goldman Sachs and Kestra Financial declined to comment on the matter, according to the report.

Kestra Financial had $475.4 million in total revenue and $75.8 billion in assets under management at 2017 year-end, the report added.