Skip navigation
Jamie Price Advisor Group
Advisor Group President and CEO Jamie Price

Centerbridge Is Said to Be in Talks to Buy Advisor Group

Phoenix-based Advisor Group has more than 7,000 advisors nationwide.

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.

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

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish