AIG Advisor Group to consolidate units
The largest B-D network will fold American General Securities of Houston into AIG Financial Advisors of Phoenix.
More consolidation will take place among the broker-dealers of the AIG Advisor Group.
The largest independent-contractor broker-dealer network said on Monday it was folding American General Securities Inc. of Houston into AIG Financial Advisors Inc. of Phoenix.
The integration, which requires the approval of NASD of Washington, is expected to be completed during the second quarter of next year.
AIG Advisor Group has about 7,800 affiliated registered representatives.
AIG Financial Advisors has a history of roll ups, and American General joined the AIG Advisor Group in 2006.
After the consolidation the network will have four broker-dealers.
James R. Cannon will remain president and CEO of AIG Financial Advisors.
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