Jefferson National Financial has completed an $83 million management buyout and plans to put the newfound cash to work in growing its distribution to RIA and fee-based advisors.

Financial Partners Fund, The Stephens Group and private investor Eric Schwartz led the investor side of the transaction, the company said in a statement. For Jefferson National’s part, CEO Mitchell H. Caplan led the executive team, which now owns a 10% share of Jefferson National.

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