Ladenburg Thalmann Financial Services Inc. and Advisor Group Inc. have completed their merger.
In connection with the transaction, Ladenburg Thalmann's common shares have been delisted from the NYSE.
Advisor Group CEO and President Jamie Price will continue to lead the expanded organization. The expanded Advisor Group serves about 11,300 financial professionals and oversees over $450 billion in client assets, according to a news release.
Ladenburg Thalmann's firms will not be merged with Advisor Group's firms, reflecting both companies' commitment to a multibrand network model.
Jefferies LLC was financial adviser to Ladenburg Thalmann. Sullivan & Cromwell LLP was Ladenburg Thalmann's legal counsel.
Reverence Capital Partners LP is the majority equity owner of Advisor Group.