Bloomberg reported that Centerbridge Partners LP is in talks to purchase independent broker-dealer network Advisor Group for more than $2 billion, citing anonymous sources familiar with the matter.
Centerbridge Partners is a private investment management firm with approximately $28 billion in capital under management and focuses on private equity, credit and related strategies, and real estate investments.
“A deal hasn’t been finalized and talks could fall through,” claims Bloomberg’s sources. “The Phoenix-based company, which has been working with an adviser to explore a sale, has drawn interest from other private equity firms and broker-dealers.”
American International Group Inc. (NYSE:AIG) sold Advisor Group to Lightyear Capital and Canadian pension manager PSP Investments in May 2016.
Advisor Group’s network includes FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial, and serves more than 7,000 advisors that oversee $228 billion in client assets.