Simpson Thacher is representing Lightyear Capital LLC (“Lightyear”), a New York-based private equity firm focused on financial services investing, and Public Sector Pension Investment Board (“PSP Investments”), one of Canada's largest pension investment managers, in the acquisition of AIG Advisor Group, Inc. (“Advisor Group”), a subsidiary of American International Group (“AIG”), by investment funds affiliated with Lightyear and PSP Investments. The transaction is subject to customary regulatory and other approvals. Terms of the transaction were not disclosed.
Advisor Group is one of the nation's largest networks of independent financial advisors with more than 5,500 independent advisors and $160 billion in client assets under administration. Advisor Group provides comprehensive broker-dealer services, technology, and advisory programs through its four registered broker-dealers and Registered Investment Advisors (RIAs): FSC Securities Corporation, Royal Alliance Associates, Inc., SagePoint Financial, Inc. and Woodbury Financial Services, Inc. The broker-dealers/RIAs operate within a single network, positioning Advisor Group to provide a best-in-class, industry leading platform.
The Simpson Thacher team includes Caroline Gottschalk, Jihyun Chung, Jennifer Poon and Scott Rudin (M&A); Gary Mandel, Devin Heckman and David Holmberg (Tax); Larry Moss, Alina Grinman and Holly Gurian (Executive Compensation and Employee Benefits); James Cross and Mike Vernace (Banking and Credit); Steven DeLott (Insurance Regulation); Rajib Chanda and Annie Tsao (Investment Advisory Regulatory); and Lori Lesser and JaeWon Lee (Intellectual Property). Partner Gary Horowitz provided invaluable advice and assistance.