PrimeVest Financial Services Inc. a broker-dealer with credit union clients, is one of three firms that was acquired by Lightyear Capital LLC, a private equity firm, from ING.
The St. Cloud, Minn.-based PrimeVest serves nearly 600 financial institutions including credit unions. Lightyear has also completed the acquisition of Financial Network Investment Corp. in El Segundo, Calif. and Multi-Financial Securities Corp in Denver.
The broker-dealers will be rebranded with the new corporate name, Cetera Financial Group. Financial Network, Multi-Financial, and PrimeVest are three of the four broker-dealers that
operated under the umbrella of ING Advisors Network. Cetera had approximately $75 billion of assets under administration as of Dec. 31, 2009, according to Lightyear. All three firms will maintain the same names.
Lightyear previously announced a definitive agreement to acquire the broker dealers on Nov. 3, 2009. Terms of the agreement were not disclosed.