Private equity firm to acquire Wealthcare Capital Management
Richmond-based Wealthcare Capital Management Inc., a wealth management technology and advisory services firm, is being bought by NewSpring Holdings LLC, a Pennsylvania-based private equity investment company.
David B. Loeper, the founder, chairman and CEO of Wealthcare, will retire from Wealthcare.
Len Reinhart will become the executive chairman of the company, and Michael Ashker will become CEO.
After completion of the NewSpring deal, expected to take place in December, Wealthcare will continue to operate from existing headquarters in Richmond.
Wealthcare operates a technology licensing business serving the clients of more than 30,000 financial advisors.
The company also acts as a registered investment advisor overseeing more than $800 million in assets under management for clients in 35 states through its network of financial advisers or third-party financial advisory firms.
Reinhart was the president of Smith Barney’s Consulting Group, the founder and CEO of the Lockwood family of companies and subsequently became the CEO of Pershing Managed Account Solutions, a division of Bank of New York Mellon. He has served as a Wealthcare board member.
Ashker founded and was CEO of Healthaxis, the first digital insurance agency. He also was co-founder of an electronic legal filing system known as JusticeLink, which was sold to Lexis Nexis. He has a 15-year history working in the financial services industry.