Ernst & Young LLP has signed an agreement to sell its investment advisory firm, Ernst & Young Investment Advisers Inc., to a management-led financial group.

The sale, announced Tuesday, is conditional upon receipt of necessary regulatory approvals; financial details of the transaction were not disclosed.

The new company, which will operate under the name I-3 Advisors Inc., will be headed by June Ntazinda as president and CEO. Ntazinda, who will also own a significant equity interest in the new company, was president of Ernst & Young Investment Advisers.

The new name, pronounced “eye-three”, comes from the words Information, Innovation and Independence.

Harold Lenfesty, an experienced director and advisor to private capital firms, will serve as an independent advisor and as chairman of I-3 Advisors’ board of directors. The other investors in I-3 will not be involved in day-to-day operations of the business. In addition to Ntazinda, eight others from Ernst & Young’s investment advisory group will join the new firm.

The deal does not include the assets of the Quebec-based segment of Ernst & Young Investment Advisers Inc. Ernst & Young has signed a separate agreement to sell these assets to Normand Coulombe, formerly a senior member of Ernst & Young Investment Advisers Inc. in Quebec. However, I-3 will continue to provide services in Quebec as well as other provinces.