ING broker-dealers' leading suitor is Don Marron's Lightyear Capital

The former Paine Webber chairman, who went all-out in failed bid for AIG's B-Ds, is said to have considerable interest in three of the ING Advisors Network broker-dealers
APR 15, 2010
Lightyear Capital LLC is one of the leading firms in pursuit of the broker-dealers that comprise most of the ING Advisors Network Inc., according to multiple investment banking and industry sources.

Donald Marron, the chairman and chief executive of Lightyear, has plenty of experience in the retail brokerage business. He is former chairman and CEO of Paine Webber Group Inc. Lightyear Capital has been chasing independent broker-dealers over the past few months. It was the finalist for the broker-dealers in the AIG Advisor Group until that deal was pulled off the table in August by Robert Benmosche, the new CEO of American International Group Inc. The potential sale of the ING broker-dealers springs from a strategic review that ING Groep NV has been conducting of its sprawling operations, including its retail broker-dealers. On Monday, ING Groep said it would separate its global banking operations from its insurance and investment management groups. The broker-dealers said to be on the table — Financial Network Investment Corp., Multi-Financial Securities Corp. and Primevest Financial Services Inc. — fall under ING U.S. Retirement Services. Another broker-dealer, ING Financial Partners, has not been discussed as part of any sale. An ING spokesman, Dana Ripley, said he would not comment about Lightyear Capital's potential interest in the broker-dealers. “We're making very good progress with the strategic review and hope to conclude it in the near term,” he said. It is unclear what other private equity or broker-dealer firms were pursuing the ING broker-dealers. A Lightyear spokeswoman, Amanda Kiley, said she would not comment about speculation in the market about Lightyear's interest in the ING broker-dealers. The three B-Ds have about 5,800 reps and advisers and reported $631 million in gross revenue last year.

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