Lightyear Capital and PSP Investments have completed the acquisition of Advisor Group from American International Group (AIG).
Terms of the deal, which was first announced in January, have not been disclosed.
With around 5,200 independent advisors and 800 full-time employees, AIG Advisor Group is an independent broker-dealer in the US.
The group is comprised of four broker-dealers, including Atlanta-based FSC Securities, New York-based Royal Alliance Associates, Phoenix-based SagePoint Financial and Oakdale-based Woodbury Financial Services.
It provides advice on investment products, including insurance, variable annuities, mutual funds and alternative investments.
AIG president and CEO Peter Hancock said: "We are pleased to complete the sale of Advisor Group.
"With this transaction, AIG has taken another step in simplifying our organization to become a leaner, more focused insurance company committed to our vision of being our clients’ most valued insurer."
Last October, AIG signed an agreement with ASSA Compañía Tenedora and ASSA Compañía de Seguros (ASSA) to sell its insurance operations in Central America.
Under the deal, ASSA agreed to purchase 100% stake in AIG’s operations of Central American countries El Salvador, Guatemala, Honduras and Panama.
AIG offers property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services in around 100 countries and jurisdictions.
Image: AIG headquarters on 175 Water Street New York City. Photo: courtesy of AIG.