Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

National Financial Advances on Buyout Interest: New York Mover

National Financial Partners Corp. CEO Jessica Bibliowicz
National Financial Partners Corp. Chief Executive Officer Jessica Bibliowicz speaks during an interview in New York. Photographer: Scott Eells/Bloomberg

March 13 (Bloomberg) -- National Financial Partners Corp., the brokerage run by Jessica Bibliowicz, climbed in New York trading after saying it was considering selling itself.

The firm rose 13 percent to $22.71 at 12:17 p.m., the highest since 2008. The New York-based company said in a statement today that it had received indications of interest from private-equity firms and formed a committee of independent directors to consider a sale.

National Financial Partners, initially backed by private-equity firm Apollo Global Management LLC, has been adding insurance and investment salesmen since it sold its stock in an initial public offering about 10 years ago. Bibliowicz, the daughter of former Citigroup Inc. Chief Executive Officer Sanford “Sandy” Weill, plans to step down as CEO in May, the company said in a November filing.

The brokerage’s net income fell to $29.9 million in 2012 from $36.9 million a year earlier, according to data compiled by Bloomberg. Its market capitalization was $800 million yesterday before the statement. Reuters reported the buyout interest late yesterday.

To contact the reporter on this story: Zeke Faux in New York at zfaux@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.