Woodbury's Hartford bought out by AIG
Company officials said no staffing changes were expected following a major sale last week at one of Woodbury's largest employers.
American International Group (AIG) announced Monday, Dec. 3, that it acquired Woodbury Financial Services from The Hartford.
The move rolls Woodbury Financial Services - which employs 641 workers at its building that overlooks the intersection of Interstate 94 and I-494 - into AIG's Life and Retirement's Advisor Group.
A spokeswoman for AIG said the sale is not anticipated to have an impact on staffing levels at the Woodbury location, which will remain open.
"(It) will operate as-is," AIG spokeswoman Linda Malamut told the Bulletin.
The transition is under way at the Woodbury offices, she said.
Woodbury Financial manages approximately $25 billion in assets under management to the Advisor's Group network, which now grows to more than 6,000 independent financial advisers and more than $125 billion in managed assets.
"Advisor Group, already a leader among independent broker-dealer organizations, is strengthened by the addition of Woodbury Financial with its complementary business model," Jay Wintrob, president and CEO of AIG Life and Retirement, said through a news release.
Woodbury Financial's top official said the company's advisors will benefit from the new affiliation.
"Our advisors are very excited to be part of Advisor Group," said Patrick McEvoy, president and CEO of Woodbury Financial.