Lightyear Capital and PSP Investments to buy AIG Advisor Group

U.S. private equity firm Lightyear Capital and Public Sector Pension Investment Board (PSP Investments) have agreed to acquire AIG Advisor Group Inc, a subsidiary of American International Group (AIG). No financial terms were disclosed. Headquartered in New York, AIG Advisor Group is a network of independent financial advisors with more than 5,200 independent advisors and US$160 billion in client assets under administration. With the deal, Lightyear and PSP will take the majority of the seats on the company's board of directors. PSP's Guthrie Stewart said the Montréal-based pension fund manager sees "multiple growth levers" to drive AIG Advisor Group's future performance.

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