Dynasty Financial Partners, which provides business services and an investment management platform to RIAs, withdrew its plans for an initial public offering on Monday. It originally filed in January 2022 with a proposed deal size of $100 million. The company last updated its prospectus in August.
On Monday, it was reported that Dynasty had closed a minority private capital raise, adding Abry Partners and The Charles Schwab Corporation as new minority investors.
Dynasty believes it is a leading provider of technology-enabled wealth management solutions and business services for financial advisory firms primarily focused on serving high net worth (HNW) and ultra-high net worth (UHNW) clients.
The St. Petersburg, FL-based company was founded in 2010 and booked $77 million in revenue for the 12 months ended June 30, 2022. It had planned to list on the Nasdaq under the symbol DSTY. Goldman Sachs, J.P. Morgan, Citi, and RBC Capital Markets were set to be the joint bookrunners on the deal.
