(By Balachander) American International Group Inc. (NYSE: AIG) announced that its life and retirement business has acquired broker-dealer Woodbury Financial Services Inc. from The Hartford.
Financial terms of the agreement signed in July 2012 were not disclosed.
Woodbury is now part of AIG Life and Retirement's Advisor Group, which includes FSC Securities Corp., Royal Alliance Associates and SagePoint Financial.
The acquisition brings roughly 1,400 advisors and $25 billion in assets under management to the Advisor Group's network.
"Advisor Group, already a leader among independent broker-dealer organizations, is strengthened by the addition of Woodbury Financial, with its complementary business model," commented Jay Wintrob, Chief Executive Officer of AIG Life and Retirement.
[Related -American International Group Inc (AIG): Current Weakness Offers A Buying Opportunity]
Located in Oakdale, Minnesota, Woodbury Financial Services 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.
AIG shares ended at $33.13 on Friday.