American International Group Inc. has acquired broker-dealer Woodbury Financial Services Inc. from The Hartford. The companies signed an agreement for the acquisition on July 31, 2012.
Woodbury Financial Services is now part of AIG Life and Retirement’s Advisor Group, a network of independent broker-dealers. Woodbury Financial brings approximately 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.
Located in Oakdale, Minn., Woodbury has more than 200 home office employees and nearly 1,400 independent representatives throughout the United States. The roots of Woodbury Financial date back to 1910 with Montana Life.
With the addition of Woodbury, AIG said its Advisor Group consists of more than 6,000 independent financial advisors, 800 home office employees and $125 billion in assets under management.