AIG TO SELL ADVISOR GROUP TO LIGHTYEAR CAPITAL/PSP FUNDS

AIG has also revealed it is to sell AIG Advisor Group to investment funds affiliated with Lightyear Capital and PSP Investments, with the deal expected to close during the second quarter of this year. Terms and conditions of the deal have not been disclosed. AIG Advisor Group is a US broker-dealer comprising more than 800 full-time employees and more than 5,200 independent advisors. Advisor Group comprises four broker-dealers – Atlanta-based FSC Securities, New York-based Royal Alliance Associates, Phoenix-based SagePoint Financial, and Oakdale-based Woodbury Financial Services.“AIG continues to review its business strategy and take actions to become a more efficient, less complex company, able to respond to our clients’ needs with greater agility,” said Hancock. “We believe advisors, clients, and partners of Advisor Group will benefit from Lightyear's and PSP Investments’ ownership of the independent business, and we look forward to a continued relationship with Advisor Group as an important distributor of AIG products.”