Centerbridge in talks to buy PSP-backed Advisor Group: Bloomberg

U.S. private equity firm Centerbridge Partners is in talks to acquire Advisor Group Inc, a Phoenix, Arizona-based network of independent financial advisors, sources told Bloomberg.

The purchase price is more than US$2 billion, the sources said.

Advisor Group is owned by U.S. private equity firm Lightyear Capital and Canadian pension fund Public Sector Pension Investment Board (PSP Investments).

Lightyear and PSP Investments acquired the business in 2016 from American International Group Inc.