Wednesday 19 February 2020

19 February 2020 - US-based financial services company Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS PrA, LTSL) has closed its merger with Advisor Group, Inc., a network of independent wealth management firms, the company said.

Advisor Group paid about USD 1.3bn in cash.

The combination creates a wealth management industry player with approximately 11,300 financial advisors and more than USD 450bn in client assets.

Ladenburg Thalmann said its expanded Advisor Group will be one of the industry's providers of a multi-custodial, multi-clearing model that drives maximum choice and flexibility for financial advisors.

The organisation will continue to be led by Advisor Group's current CEO and president, Jamie Price.

Ladenburg's firms will not be merged with Advisor Group's firms, reflecting both companies' commitment to a multi-brand network model.

In connection with the closing of the transaction, Ladenburg Thalmann common shares have been delisted from the New York Stock Exchange.

Jefferies LLC served as financial advisor to Ladenburg and Sullivan and Cromwell LLP served as Ladenburg's legal counsel.