August 01, 2012
--- SunAmerica Financial Group Inc. agreed to acquire Woodbury Financial Services
Inc., a brokerage unit of The Hartford Financial Services Group Inc. ---
Once the transaction is finalized, Woodbury Financial Services will become
part of the SunAmerica Financial Group’s Advisor Group, American International
Group Inc.’s life and retirement business.
Patrick H. McEvoy will continue to serve as Woodbury Financial’s president
and chief executive, reporting to Larry Roth, president and chief executive of
“Woodbury Financial Services is a strong broker/dealer, with very talented
independent financial advisers and a dedicated home office team,” said Jay
Wintrob, president and chief executive of SunAmerica Financial Group. “I am
confident that when Woodbury Financial’s advisers join our network they will
see tremendous benefits, namely our industry-leading technology and open
The transaction is expected to be finalized by the end of this year, subject
to required regulatory approvals and customary closing conditions.
Hartford started pursuing the sale or other strategic alternatives for Woodbury Financial Services in March (see "The Hartford Puts Retirement on the Block").