PrimeVest Financial Services, a firm with nearly a dozen credit union clients, is one of three independent broker-dealers that will be sold by ING Group, the company said today.
ING said it has reached an agreement to sell three of its U.S. independent retail broker-dealer units, which comprise three-quarters of ING Advisors Network, to private equity firm Lightyear Capital LLC. Along with St. Cloud, Minn.-based PrimeVest, Financial Network Investment Corp. in El Segundo, Calif., and Financial Securities Corp. in Denver will be sold. The sale price was not disclosed. The transaction is subject to regulatory approvals and is expected to close in the first quarter of 2010, according to ING.
PrimeVest serves nearly 600 financial institutions in 50 states and Guam. It recently signed $937 million Pen Air Federal Credit Union to a three-year brokerage service deal.
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The Amsterdam, Netherlands-based ING said it chose to sell PrimeVest and the other two firms to simplify its structure in the U.S. so that it can focus resources and capital on its core retirement services, life insurance, and rollover annuity businesses. The company said it will retain ING Financial Advisers, Inc. based in Windsor, Conn., and ING Financial Partners, Inc. in Des Moines, Iowa because the firms are closely affiliated with ING's strategy in the U.S.
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