AIG Announces Agreement to Sell AIG Advisor Group to Lightyear Capital and PSP Investments
January 26 2016 - 6:00AM
Business Wire
American International Group, Inc. (NYSE:AIG) today announced
that it has agreed to sell AIG Advisor Group to investment funds
affiliated with Lightyear Capital LLC, a private equity firm
specializing in financial services investing, and PSP Investments,
one of Canada’s largest pension investment managers. Terms of the
deal were not disclosed.
The transaction is expected to close in the second quarter of
2016, subject to regulatory approvals.
AIG 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. Advisor
Group 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.
“AIG continues to review its business strategy and take actions
to become a more efficient, less complex company, able to respond
to our clients’ needs with greater agility,” said Peter Hancock,
President and Chief Executive Officer of AIG. “We believe advisors,
clients, and partners of Advisor Group will benefit from
Lightyear's and PSP Investments’ ownership of the independent
business, and we look forward to a continued relationship with
Advisor Group as an important distributor of AIG products.”
Lightyear Capital, through its three affiliated private equity
funds, has raised over $2.5 billion of capital and makes primarily
control investments in North America-based, middle-market financial
services companies.
PSP Investments is one of Canada’s largest pension investment
managers, with CAD$112 billion of assets under management as at
March 31, 2015. It invests funds for the pension plans of the
Public Service, the Canadian Forces, the Royal Canadian Mounted
Police, and the Reserve Force.
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These forward-looking statements, including the closing of
the transaction described herein, are not historical facts but
instead represent only AIG’s belief regarding future events, many
of which, by their nature, are inherently uncertain and outside
AIG’s control. Except for AIG’s ongoing obligation to disclose
material information as required by federal securities laws, AIG is
not under any obligation (and expressly disclaims any obligation)
to update or alter any forward-looking statements, whether written
or oral, that may be made from time to time, whether as a result of
new information, future events or otherwise. Factors that could
cause AIG’s actual results to differ, possibly materially, from any
forward-looking statements include the factors set forth in AIG’s
filings with the United States Securities and Exchange
Commission.
American International Group, Inc. (AIG) is a leading global
insurance organization serving customers in more than 100 countries
and jurisdictions. AIG companies serve commercial, institutional,
and individual customers through one of the most extensive
worldwide property-casualty networks of any insurer. In addition,
AIG companies are leading providers of life insurance and
retirement services in the United States. AIG common stock is
listed on the New York Stock Exchange and the Tokyo Stock
Exchange.
Additional information about AIG can be found at www.aig.com |
YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn:
http://www.linkedin.com/company/aig
AIG is the marketing name for the worldwide property-casualty,
life and retirement, and general insurance operations of American
International Group, Inc. For additional information, please visit
our website at www.aig.com. All products and services are written
or provided by subsidiaries or affiliates of American International
Group, Inc. Products or services may not be available in all
countries, and coverage is subject to actual policy language.
Non-insurance products and services may be provided by independent
third parties. Certain property-casualty coverages may be provided
by a surplus lines insurer. Surplus lines insurers do not generally
participate in state guaranty funds, and insureds are therefore not
protected by such funds.
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version on businesswire.com: http://www.businesswire.com/news/home/20160126005738/en/
AIGMediaMatt Gallagher,
212-458-3247matthew.gallagher2@aig.comorJon Diat,
212-770-3505jon.diat@aig.comorInvestorsLiz Werner,
212-770-7074elizabeth.werner@aig.com
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