AIG to buy Woodbury Financial
The Hartford Financial Services Group Inc. is selling Woodbury, which has 1,400 reps and advisers, as part of a wide restructuring.
The American International Group Inc. said on Tuesday afternoon it was buying the independent broker-dealer Woodbury Financial Services.
The Hartford Financial Services Group Inc. in March said it intended to sell Woodbury, which has 1,400 reps and advisors, as part of a wide restructuring. AIG, through its life and retirement business SunAmerica Financial Group Inc., recently emerged as the likely buyer, which was first reported earlier in July by InvestmentNews.
Terms of the deal, which is expected to be finalized by the end of the year, were not disclosed.
“Adding Woodbury Financial to our Advisor Group network sends a clear message that we are absolutely committed to the independent financial advisor business model,” said Advisor Group CEO Larry Roth, in a statement.
Woodbury will be one of four distinct broker-dealers under the umbrella of the Advisor Group, AIG’s independent broker-dealer network. Patrick McEvoy will continue to serve as Woodbury’s CEO.
Executives at both firms were not immediately available to comment on potential bonuses to retain Woodbury brokers.
The Advisor Network currently has 4,800 reps and advisors with three broker-dealers: SagePoint Financial, Royal Alliance Associates and FSC Securities Corp.
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