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Tuesday, November 03, 2009

ING To Sell Adviser Network To Lightyear Capital

By Robert Daniel

MarketWatch Pulse

TEL AVIV -- ING, the Amsterdam financial-services giant, definitively agreed to sell its adviser network and three of the network's five broker-dealers to the New York private equity firm Lightyear Capital LLC. Terms weren't disclosed. In a statement on Tuesday, Lightyear said that Valerie Brown, chief executive of ING Advisor Network, would continue to run the business. The three broker-dealers Lightyear is acquiring are Financial Network Investment Corp., Multi-Financial Securities Corp., and PrimeVest Financial Services Inc. For the year ended June 30, the broker-dealers, operating within ING Advisor Network, posted gross revenue of $653 million with account assets of $70.2 billion, and employed 5700 representatives. Subject to conditions including regulatory clearance, the companies hope to close the deal in the first quarter.

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