Simpson Thacher is representing Lightyear Capital LLC in connection with the announced acquisition by an affiliate of Lightyear of the ING Advisors Network, and three of ING Advisors Network's five broker-dealers, including Financial Network Investment Corporation, Multi-Financial Securities Corporation and PrimeVest Financial Services Inc. Operating independently under the umbrella of ING Advisors Network, Financial Network, Multi-Financial and PrimeVest had combined gross revenues for the twelve months ending June 30, 2009 of approximately $653 million with account assets of $70.2 billion and roughly 5,700 representatives as of June 30, 2009. The transaction is subject to regulatory approval and other customary conditions.
The Simpson Thacher team includes Caroline Gottschalk, Thomas Terbell, Sean Murphy, Samantha Braunstein, Daeyna Grant, Stephanie Rotter and Taylor Bentley (M&A); Gary Mandel, Noah Beck and Jennifer Klein (Tax); Wonda Quinn and David Schneider (Executive Compensation and Employee Benefits), Marissa Wesely and Brandon Messina (Credit and Banking), Jonathan Youngwood and Samuel Rubin (Litigation), Steven DeLott (Insurance Regulation), David Wohl (Investment Management), Krista McManus (Real Estate) and Marcela Robledo (Intellectual Property).