American International Group's SunAmerica unit is seen within the securities distribution industry as the strongest amongst four suitors for Hartford Financial Group's broker-dealer arm, Woodbury Financial Services, Inc.
Hartford has placed Woodbury, which has 1,600 registered representatives and financial advisors, up for sale as part of its decision to divest itself of life insurance operations in order to concentrate on property and casualty-related businesses.
Woodbury is based in Woodbury, Minn., and dates to 1910. It has 1,600 affiliated representatives and had more than $230 million in revenue in 2010, according to several sources.
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