Centerbridge Is Said to Be in Talks to Buy Advisor Group

#Lifestyle Wealth


By Kiel Porter and Matthew Monks

(Bloomberg) -- Centerbridge Partners LP is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter.

The private equity firm could reach a deal as soon as this week to acquire Advisor Group, said the people, who asked to not be identified because the matter isn’t public.

A deal hasn’t been finalized and talks could fall through, the people said. The Phoenix-based company, which has been working with an adviser to explore a sale, has drawn interest from other private equity firms and broker-dealers, the people said.

American International Group Inc. sold Advisor Group in 2016 to private equity firm Lightyear Capital and the Public Sector Pension Investment Board of Canada.

A representative for Lightyear declined to comment. Representatives for Advisor Group, Centerbridge and PSP didn’t immediately respond to requests for comment.

Advisor Group’s independent broker-dealer network in the U.S. has more than 7,000 advisers offering sales, administrative, compliance support, technology and other wealth management services, according to its website. The company had $1.7 billion in gross revenue and $228 billion in assets under administration in 2018 -- both increasing 20 percent over the previous year, according to a statement on its website.

The company’s firms include FSC Securities, Royal Alliance, SagePoint Financial and Woodbury Financial.

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Centerbridge, based in New York, invests in private equity, credit and real estate. The firm had about $28 billion under management at the end of 2018, according to a statement this month.

To contact the reporters on this story: Kiel Porter in Chicago at [email protected] ;Matthew Monks in New York at [email protected] To contact the editors responsible for this story: Elizabeth Fournier at [email protected] Michael Hytha, Josh Friedman

https://www.wealthmanagement.com/industry/centerbridge-said-be-talks-buy-advisor-group To Find More Information, Go To https://is.gd/saubiodigital And Look Up Any Topic

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