Advisor Group to sell for more than $2B in year’s biggest deal yet

May 15, 2019 by Tobias Salinger

Another private equity firm is crowding into the independent broker-dealer sector — paying more than $2 billion to buy Advisor Group. The acquisition is poised to be the largest M&A deal of the year across wealth management so far, according to data analyzed by Financial Planning.

Reverence Capital Partners’ affiliated funds will purchase a 75% stake in the four-IBD, 6,500-advisor network from fellow PE firm Lightyear Capital and the Public Sector Pension Investment Board of Canada, the parties announced May 9. The selling firms bought Advisor Group from AIG in 2016 for an undisclosed amount.

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Originally Posted at Financial Planning on May 9, 2019 by Tobias Salinger.