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

Private-equity firm Lightyear Capital LLC today announced that it has completed its acquisition of three ING Groep NV broker-dealers.
JUN 29, 2010
By  John Goff
Private-equity firm Lightyear Capital LLC today announced 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 ING Advisors Network. The acquired firms will keep their names but will operate under a new group does-business-as 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 approximately $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 an 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 approximately $75 billion of 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 were not disclosed. But Mr. Marron had been looking to buy an independent B-D 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. CEO Robert Benmosche.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave