An affiliate of Lightyear Fund II has signed a definitive agreement to acquire the ING Advisor Network and three of ING Advisor Network’s five broker-dealers.
The broker-dealers include Financial Network Investment, Multi-Financial Securities and PrimeVest Financial Services.
Valerie Brown, chief executive officer of ING Advisor Network, will remain in her position and continue to lead the business post acquisition.
“This is a great investment for Lightyear,” says Donald B. Marron (pictured), chairman and chief executive officer of Lightyear Capital. “We have decades of experience and leadership in the broker-dealer industry and recognize the current and future potential of this network of broker-dealers. Financial Network, Multi-Financial and PrimeVest are excellent organisations with teams of highly-motivated and talented advisors.”
Operating independently under the umbrella of ING Advisor Network, Financial Network, Multi-Financial and PrimeVest had combined gross revenues for the 12 months ending 30 June 2009 of approximately USD653m with account assets of USD70.2bn and roughly 5,700 representatives.
“Lightyear has a long and successful track record investing in the financial services industry and particularly significant experience in the broker-dealer space. We are excited to have such a strong investment partner to help us grow our business,” says Brown. “Lightyear recognises the value of independent advice and shares our commitment to building the highest quality firm in the independent broker-dealer industry.”
Terms of the transaction were not disclosed. The transaction, which is expected to close in the first quarter of 2010, is subject to regulatory approval and other customary conditions.
