New York-based private investment firm Reverence Capital Partners LP completed its acquisition of wealth management platform Advisor Group Inc. from investment funds affiliated with private equity firm Lightyear Capital LLC and Ontario-based Public Sector Pension Investment Board.
Reverence Capital and its affiliates, along with Advisor Group employees and financial advisers, purchased 100% of Advisor Group, which has more than 7,000 financial advisers and $272 billion in client assets.
Financial terms of the merger were not disclosed.
Lightyear's affiliated investment funds and PSP Investments acquired Advisor Group from AIG in May 2016.
Barclays Capital was financial adviser and Simpson Thacher & Bartlett LLP acted as legal counsel to Advisor Group in the deal. Kirkland & Ellis LLP and Davis Polk & Wardwell LLP acted as legal counsel to Reverence Capital.