By Kiel Porter and Matthew Monks
(Bloomberg) -- Centerbridge Companions LP is in talks to purchase impartial broker-dealer Advisor Group Inc. for greater than $2 billion, based on individuals accustomed to the matter.
The personal fairness agency may attain a deal as quickly as this week to accumulate Advisor Group, stated the individuals, who requested to not be recognized as a result of the matter isn’t public.
A deal hasn’t been finalized and talks may fall by means of, the individuals stated. The Phoenix-based firm, which has been working with an adviser to discover a sale, has drawn curiosity from different personal fairness corporations and broker-dealers, the individuals stated.
American Worldwide Group Inc. bought Advisor Group in 2016 to non-public fairness agency Lightyear Capital and the Public Sector Pension Funding Board of Canada.
A consultant for Lightyear declined to remark. Representatives for Advisor Group, Centerbridge and PSP didn’t instantly reply to requests for remark.
Advisor Group’s impartial broker-dealer community within the U.S. has greater than 7,000 advisers providing gross sales, administrative, compliance help, expertise and different wealth administration companies, based on its web site. The corporate had $1.7 billion in gross income and $228 billion in property beneath administration in 2018 -- each rising 20 p.c over the earlier 12 months, based on a press release on its web site.
The corporate’s corporations embrace FSC Securities, Royal Alliance, SagePoint Monetary and Woodbury Monetary.
Centerbridge, primarily based in New York, invests in personal fairness, credit score and actual property. The agency had about $28 billion beneath administration on the finish of 2018, based on a press release 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 chargeable for this story: Elizabeth Fournier at [email protected] Michael Hytha, Josh Friedman
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