The life and retirement business of American International Group Inc., AIG Life and Retirement, has acquired Woodbury Financial Services Inc. from The Hartford. The companies signed a definitive agreement for the acquisition on July 31, 2012.
AIG says Woodbury Financial Services now is part of its Life and Retirement’s Advisor Group, a network of independent broker-dealers. Woodbury Financial brings about 1,400 advisors and $25 billion in assets under management to the Advisor Group’s network, which includes FSC Securities Corp., Royal Alliance Associates and SagePoint Financial. With the addition of Woodbury Financial, Advisor Group consists of more than 6,000 independent financial advisors, more than 800 home office employees and more than $125 billion in assets under management.
