AIG's SunAmerica to Acquire Woodbury Financial Services

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 Advisor Group.

“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 architecture platform.”

The transaction is expected to be finalized by the end of this year, subject to required regulatory approvals and customary closing conditions.

The Hartford started pursuing the sale or other strategic alternatives for Woodbury Financial Services in March (see “The Hartford Puts Retirement on the Block”).