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Lightyear Capital and PSP Investments Complete Purchase of AIG Advisor Group

American International Group Inc. (NYSE:AIG) sold its broker-dealer network, AIG Advisor Group, to Lightyear Capital and Canadian pension manager PSP Investments, along with other co-investors. 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, PSP, and the 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 chief executive officer 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.”

“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, one of the largest networks of independent broker-dealers in the nation, 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.