NEW YORK--(BUSINESS WIRE)--Advisor Group announced today that investment funds affiliated with Lightyear Capital LLC, a New York-based private equity firm focused on financial services investing, and PSP Investments, one of Canada’s largest pension investment managers, along with other co-investors, have completed the acquisition of Advisor Group from American International Group, Inc. (NYSE:AIG). The transaction was first announced in January 2016.
The broker-dealer network will now operate as a standalone independent company owned by investment funds affiliated with Lightyear Capital LLC, PSP Investments, and other co-investors.
“As an independent entity, Advisor Group will maintain our strong franchise and most importantly, the unique cultures of our four broker-dealers,” said Erica McGinnis, President and CEO of Advisor Group. “In an incredibly dynamic and evolving industry, we firmly believe that we’ll be in a position to capitalize on future opportunities with our new investors.”
The renewed focus and agility afforded by Advisor Group’s new corporate structure, combined with the firm’s long-standing traditions of independence, service, and integrity, are intended to translate into an enhanced level of support for its advisors immediately and well into the future.
“Now that the transaction is final, we’re ready to refocus our efforts on the future of this company,” said Valerie Brown, Executive Chairman of Advisor Group. “We have strong leadership and an outstanding network of independent financial advisors, whose comprehensive wealth management needs we're proud to support, and together, we are poised for future growth.”
Advisor Group is among the largest networks of independent broker-dealers in the nation, with more than 5,200 independent advisors and 800 full-time employees. Advisor Group, headquartered in Phoenix, Ariz., is comprised of four broker-dealers: FSC Securities Corporation in Atlanta, Ga.; Royal Alliance Associates in New York, N.Y.; SagePoint Financial in Phoenix; and Woodbury Financial Services in Oakdale, Minn.
About Advisor Group
Advisor Group is among the largest independent broker-dealer networks in the United States. The four broker-dealers that comprise Advisor Group – FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc. and Woodbury Financial Services, Inc., are Registered Investment Advisors and members of FINRA and SIPC. Advisor Group fosters the spirit of entrepreneurship and independence exemplified by its more than 5,200 affiliated independent financial advisors across the US. For more information, please visit www.advisorgroup.com.
Securities and investment advisory services are offered through FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc., and Woodbury Financial Services, Inc., Broker-Dealers, Registered Investment Advisors and members of FINRA and SIPC.