US-based private equity firm Lightyear Capital, Canadian pension investment manager PSP Investments, as well as other co-investors have completed the purchase of Advisor Group from American International Group (AIG).
Advisor Group will now operate as a standalone independent company owned by investment funds affiliated with Lightyear Capital, along with PSP Investments and other co-investors.
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Advisor Group president and CEO Erica McGinnis said: "As an independent entity, Advisor Group will maintain our strong franchise and most importantly, the unique cultures of our four broker-dealers.
"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."
Advisor Group includes four broker-dealers- FSC Securities Corporation in Atlanta, Royal Alliance Associates in New York, SagePoint Financial in Phoenix, along with Woodbury Financial Services in Oakdale.
The Phoenix-based broker-dealer network currently comprises 5,200 independent advisors and over 800 full-time staff.
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