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

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.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE