Private equity firm Reverence Capital Partners has agreed to buy a 75% stake in independent broker-dealer Advisor Group.

The sellers were private equity firm Lightyear Capital, pension investment manager PSP Investments and other shareholders, who will retain a 25% holding in Advisor Group.

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The companies did not reveal the deal value.

The transaction is pending regulatory approvals.

Lightyear and PSP snapped up Advisor Group from AIG in 2016.

Currently, Advisor Group has $268bn in client assets under administration and over 7,000 financial advisers.

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The business will retain its operational independence, brand and management team after deal completion, which is anticipated in the third quarter of this year.

Advisor Group president and CEO Jamie Price will retain the same role.

The firm’s executive chairman Valerie Brown will retire, while remaining an investor in the firm.

“Having worked closely with Lightyear and PSP in reviewing potential transaction partners, I am confident that Reverence Capital Partners will enhance Advisor Group’s momentum by supporting investments in solutions that enable our advisers to best serve their clients and achieve their business goals,” Brown noted.

Advisor Group and Reverence Capital also intend to launch an adviser recognition and retention programme.

Details of the programme will be disclosed later.

Reverence Capital co-founder and managing partner Milton Berlinski said: “Advisor Group is one of the premier wealth management platforms in the U.S. and together with Reverence Capital’s investment, wealth management expertise and industry relationships, the company is uniquely positioned to identify and tackle growth opportunities across the business.”