Lightyear Capital completed its acquisition of three broker-dealers from ING Advisors Network.

The PE firm bought Financial Network Investment Corporation, based in El Segundo, California; Multi-Financial Securities Corporation, based in Denver, Colorado; and PrimeVest Financial Services Inc., based in St. Cloud, Minnesota.

They will be rebranded Cetera Financial Group, the PE firm stated. A representative stated that Lightyear will weigh deals to build upon that platform but declined to discuss the scope within the sector the PE firm will evaluate.

Lightyear chairman and chief executive Donald Marron will become chairman with the broker-dealer network. Also joining Cetera’s board will be Lightyear managing directors Mark Vassallo and Stewart Gross.

Valerie Brown, formerly of the ING Advisor Network, will be CEO of Cetera.

Simpson Thacher & Bartlett represented Lightyear in the transaction; terms of the deal, announced in 2009, were not disclosed.

Turbulence within the asset management field has allowed private equity firms to increasingly pursue targets within the industry. TCW Group money manager Jeffrey Gundlach launched DoubleLine asset management with the help of OakTree Capital Management following his ouster.

Focus Financial Partners, a New York-based roll-up of wealth managers, recently accepted a cash infusion from Polaris Venture Partners and Summit Partners and also acquired Joel Isaacson & Co., a money manager.

Financial services industry