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American International Group Inc. has completed the sale of its Advisor Group unit to investment funds affiliated with New York-based private equity firm Lightyear Capital L.L.C. and PSP Investments, one of Canada's largest pension investment managers.
Terms of the transaction were not disclosed, an AIG spokesman said Monday in an email.
AIG announced the deal in January as it unveiled plans to increase profitability and shareholder value. Advisor Group is a network of independent broker-dealers in the United States with more than 5,200 independent advisers and more than 800 full-time employees. It comprises four broker-dealers: Atlanta-based FSC Securities Corp.; New York-based Royal Alliance Associates Inc.; Phoenix-based SagePoint Financial Inc.; and Oakdale, Minnesota-based Woodbury Financial Services Inc.
“We are pleased to complete the sale of Advisor Group,” AIG President and CEO Peter Hancock said Friday in a statement announcing completion of the sale. “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.”
Despite a first-quarter net loss of $183 million, American International Group Inc. is making “tangible progress” on a strategic plan announced in January to streamline the company and provide greater returns to shareholders, according to President and CEO Peter Hancock.