ING said in early November that it agreed to sell three of its U.S. independent retail broker-dealer units, with about three-quarters of FAs in the ING Advisors Network, to Lightyear Capital LLC.
“This is a great investment for Lightyear,” says Lightyear Chairman and CEO Donald B. Marron. “Financial Network, Multi-Financial and PrimeVest are excellent organizations with teams of highly-motivated and talented advisors.”
Marron was the chairman and CEO of Paine Webber from 1980 to 2000.
Mark Vassallo, Managing Partner of Lightyear, stated, “We believe there is a great opportunity for these three firms going forward as an independent network and are committed to growing the business.”
“We are seeing more customers and advisors migrate toward smaller, more nimble and personalized brokerage firms, and we believe these three businesses will benefit from this trend,” adds Vassallo.
Financial Network, Multi-Financial and PrimeVest had combined gross revenues for the 12 months ending June 30, 2009, of about $653 million with account assets of $70.2 billion and roughly 5,700 representatives.