AIG completes sale of Advisor Group
American International Group (AIG) has completed the sale of its subsidiary Advisor Group to investment funds affiliated with Lightyear Capital, a private equity firm specialising in financial services investing, and PSP Investments, one of Canada’s largest pension investment managers.
AIG’s agreement to sell Advisor Group was announced in January 2016.
“We are pleased to complete the sale of Advisor Group,” said Peter Hancock, president and chief executive officer of AIG. “With this transaction, AIG has taken another step in simplifying our organization to become a leaner, more focused insurance company committed to our vision of being our clients’ most valued insurer.”
Advisor Group is among the largest networks of independent broker-dealers in the United States, with more than 5,200 independent advisors and more than 800 full-time employees.
The company is comprised of four broker-dealers, FSC Securities Corporation, Atlanta, GA; Royal Alliance Associates, New York, NY; SagePoint Financial, Phoenix, AZ; and Woodbury Financial Services, Oakdale, MN.
