American International Group (AIG)'s life and retirement business, SunAmerica Financial Group has earmarked a definitive agreement with The Hartford Financial Services to purchase Woodbury Financial Services for an undisclosed sum.
Upon the accomplishment of the deal, Woodbury Financial Services will become part of the SunAmerica Financial Group's Advisor Group, the acquirer said.
As per the terms of the merger agreement, Woodbury Financial's president and chief executive officer Patrick McEvoy will continue to serve in his post and will be accountable to president and chief executive officer of Advisor Group.
SunAmerica Financial Group president and chief executive officer Jay Wintrob said Woodbury Financial Services is a strong broker-dealer, with very talented independent financial advisors and a dedicated home office team.
The firm anticipates that the deal will complete by December 2012, following the regulatory approvals and customary closing conditions.
Woodbury Financial Services has more than 200 home office employees and nearly 1,400 independent representatives throughout the US.
Having its presence in more than 130 geographies across the globe, American International Group (AIG) serves commercial, institutional, and individual customers through its extensive property-casualty networks.
