Insurance company MONY Group Inc. plans to buy one of the few remaining independent U.S. regional brokerages, Advest Group Inc. for an estimated $275 million, in an effort to expand into the lucrative securities business.
The deal, which came after weeks of takeover speculation surrounding the New England brokerage Advest according to Reuters Securities reports, would add 500 stock brokers and $30 billion in client assets to MONY, which mostly sells life insurance and annuities. It also marks continuing consolidation in the U.S. securities industry, following PaineWebber Group Inc.’s agreement last month to sell to Switzerland’s UBS AG.
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