Cetera Financial Group was born Monday as ING Groep NV announced its sale of ING Advisors to New York’s Lightyear Capital, ahead of the opening of Euronext Amsterdam.
Lightyear, a private equity firm that invests only in financial services companies and run by industry veteran Don Marron, announced its intention to buy ING Advisors, which consists of three channel-specific broker-dealers Financial Network, Primevest and Multi-Financial, in November. Marron bought ING Advisors for an undisclosed sum. The combined broker-dealers manage some $75 billion in assets.
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