ING Sells Advisor Network to Lightyear Capital Tuesday, November 3, 10:22 AM ET
ING (NYSE:ING) has agreed to sell its advisor network and three of its five broker-dealers to Lightyear Capital. It was not disclosed how much the New York-based private equity firm would buy for the units.
Valerie Brown, currently CEO of the ING Advisor Network, will remain in her position.
Lightyear said it sees opportunity to grow the businesses as people migrate to smaller broker-dealer firms.
For the year ending June 30, 2009, the units sold had combined gross revenues of $653 million and account assets of $70.2 billion.
The transaction is subject to regulatory approval but is expected to close in the first quarter of 2010.
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