BlackRock, Fidelity, Franklin Templeton and State Street have all agreed to invest in the transaction.
Raymond James analysts wrote in a November note to clients of “persistent deterioration in the Yodlee business."
Reverence is seeking to sell up to 20% of the giant broker-dealer once known as Advisor Group.
Private equity firms have been using their war chests to go shopping for technology-focused financial services firms.
Investors have eagerly snapped up retirement-services providers like Ascensus in recent years.
The deal accelerates the wave of consolidation among the finance industry’s biggest data providers.
The business could fetch more than $3 billion.
The more than $43 billion in fresh deals announced today was the largest since November.
Schwab used its zero-fees announcement to roll over its competitors, leading to a major acquisition.
TD Ameritrade relied more on commissions, drawing 36% of revenue from commissions in 2018, compared to 7% at Schwab.
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