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New owner of AIG Advisor Group may be announced Tuesday

01:17 26 January in In the News by rafferty

January 25, 2016 by Christine Idzelis, Investment News   Call set for 8 a.m. for parent company to discuss plan to sell off some non-core businesses Brokers at AIG's Advisor Group may find out as early as Tuesday morning who the new owner of the adviser network will be. American International Group Inc. has scheduled a call for 8 a.m. Tuesday to discuss its plan to sell off some of its non-core businesses. The firm has been under pressure from billionaire investor Carl Icahn to break itself up to unlock shareholder value. Citing anonymous sources, the Wall Street Journal reported Sunday that AIG is nearing a deal to sell its broker-dealer business and named Lightyear Capital as a buyer. AIG Advisor Group is a small piece of AIG's business that produces tens of millions of dollars in earnings annually, according to...

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Embattled Advisors Get Relief From RCS Bankruptcy Plan

16:40 21 January in In the News by rafferty

January 19, 2015 by Dan Jamieson, Financial Advisor   RCS Capital Corp.’s bankruptcy filing sounds like a bad development, but it may actually provide some relief to its embattled advisors. The $150 million capital infusion and reorganization plan, announced at the beginning of January, provides some light at the end of what has been a long, dark tunnel for the 9,500 reps who’ve been remarkably loyal since RCS Capital (RCAP) began unraveling in 2014 after an accounting scandal surfaced at an affiliated firm. The new money will allow the struggling holding company to restructure its debt while it goes private, as well as fund a retention deal for advisors. Cetera Financial Group, the large network of independent broker-dealers strung together by RCAP, will become the primary focus of the new entity. That’s good news. But the troops...

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RCS Capital Reveals Backers of Last Resort; Lightyear-AIG Deal Talk Grows

17:30 09 January in In the News by rafferty

January 8, 2015 by Janet Levaux, ThinkAdvisor   The role of private equity firms in the IBD industry seems to be on an upswing RCS Capital (RCAP) has shared more details on how it is restructuring itself and enabling the Cetera Financial Group of independent broker-dealers to become a separate entity. Meanwhile, speculation continues as to what will happen to the AIG Advisor Group, with at least one recruiter saying some registered reps have been told it is poised to be sold to Lightyear Capital, Cetera’s previous owner. In regulatory filings on Wednesday, RCS Capital explains that private-equity firms Carlyle Investment Management and Fortress Investment Group, along with asset manager Eaton Vance Management, are letting the company forgo debt payments. These entities are poised to see the money they are lending Cetera turn into equity. This news...