Lightyear wraps up purchase of B-Ds, re-brands as Cetera

Donald Marron, ex-PaineWebber boss, finally lands indie B-D

Feb 7, 2010 @ 12:01 am

By John Goff

Private-equity firm Lightyear Capital LLC last week said that it has completed its acquisition of three ING Groep NV broker-dealers.

Financial Network Investment Corp., Multi-Financial Securities Corp. and PrimeVest Financial Services Inc., were three of the four companies that constituted the ING Advisors Network. The acquired firms will keep their names but will operate under a new group name, Cetera Financial Group.

Lightyear on Nov. 3 announced a definitive agreement to buy the ING broker-dealers.

Through its affiliated funds, the firm has managed about $3 billion of committed capital. Investments at Lightyear cut across the financial services spectrum, including asset management, banking, brokerage, financial technology, insurance and leasing.

Lightyear is run by Donald Marron, former chairman and chief executive of PaineWebber Group Inc. In explaining the thinking behind the purchase of the ING B-Ds, he said in a statement that he remains convinced “that the independent-advisory-based model will benefit in today's market environment.”

Cetera had a combined 4,841 advisers and about $75 billion in assets under administration as of the end of 2009. Valerie Brown, who was chief of the ING Advisor Network, will continue in that role at Cetera.

Terms of the deal weren't disclosed.

But Mr. Marron had been looking to buy an independent-broker-dealer operation for months before signing the deal with ING.

Lightyear was the finalist for the broker-dealers in the AIG Advisor Group. That deal eventually was pulled off the table in August by American International Group Inc. chief executive Robert Benmosche.

E-mail John Goff at jgoff@investmentnews.com.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

InvestmentNews celebrates diversity & inclusion in the financial advice business

Highlights of the Excellence in D&I Awards, showcasing the achievements of 26 individuals and firms that are moving the needle when it comes to diversity and inclusion.

Latest news & opinion

Dawn Bennett found guilty of $20 million Ponzi scheme

Jury took less than five hours to convict the former financial adviser and radio host.

10 advisory firm employee benefits you won't believe

Some advisory firms stand out for their creative efforts to keep their troops happy and engaged. Spa retreat, anyone?

Small-cap funds take a beating

For most of the year, the sector had outperformed, but that all changed last week.

SEC commissioner Stein suggests Congress address differing broker, adviser standards

She said lawmakers may have to change 'solely incidental' language that lets brokers give advice.

Social Security and the fear of missing out

How to lower expectations when clients think they're owed a bigger Social Security benefit.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print