When markets zig, time to zag

Dynasty Financial Partners’ unexpected pivot away from Wall Street has an unusual twist. The platform for registered investment advisors said late Friday that it was pulling the plug on its planned initial public offering. In place of ringing the bell: minority stakes sold to Abry Partners, a Boston-based venture capital shop, and to Schwab. Advisory firms sell shares to private equity firms all the time — look at Beacon Pointe’s deal with powerhouse KKR last year — but it’s unusual to see Schwab, better known for its custodial services for advisors, as an investor.

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There’s another unusual element in the transaction: Some firms on Dynasty’s platform swapped shares with Dynasty.

Read more: Dynasty Financial ditches IPO, sells stakes to Schwab and private equity firm

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