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.
Topics Mergers & Acquisitions Carriers
Was this article valuable?
Here are more articles you may enjoy.
US P/C Insurers Post Biggest Q1 Underwriting Profit in 25 Years 
Florida Court Says 2020 Law Gives ‘Very Broad’ Liability Immunity to Rideshare Firms 
NC Jury Award for Workers Injured in Wall Collapse May be Largest in State History 
First Brands Hit by $286 Million Claim for Alleged Tariffs Fraud 
