Private equity firm Rosemont Investment Partners bought a minority stake in money manager Litman Gregory Asset Management, according to Chris Wheaton, co-managing partner at Litman Gregory.
Information on financial terms or the size of the stake was not disclosed.
Rosemont's investment will let Litman Gregory accelerate a succession plan that will allow the manager to remain independent. In 2011, Mr. Wheaton and Steve Savage, co-managing partner, replaced company founders Ken Gregory and Craig Litman as managing partners.
No changes will be made to Litman Gregory's management team, and Rosemont's stake will be repurchased by Litman Gregory in five years.
Litman Gregory managed about $8.7 billion in assets for clients, including corporate pension funds, endowments and foundations as of Dec. 31.
Officials at Rosemont could not be immediately reached for further details.