The Public Sector Pension Investment Board, alongside private equity firm Lightyear Capital, have completed the sale of Advisor Group Inc. to Reverence Capital Partners.
Since the partners acquired Advisor Group in May 2016, client assets under administration increased more than 73 per cent, from $157 billion to $272 billion. At the same time, the group grew from 5,200 financial advisors to more than 7,000, driven by strong recruiting and several acquisitions, according to a press release.
“We are proud to have supported Advisor Group through a period of exceptional growth and operational transformation,” said Simon Marc, managing director and head of private equity at PSP Investments, in the release. “PSP Investments has a track record for being a partner of choice for world-class entrepreneurs and leading private equity firms.”
Terms of the transaction, which was announced in May 2019, were not disclosed.