Cetera Financial Group
Hartford reorganization sends shock waves through Woodbury subsidiaryPosted by RJ and Makay on Mar 22, 2012 |
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Hartford Financial Services Group Inc. (HIG) announced yesterday that it intends to sell independent broker-dealer Woodbury Financial Services. An active mergers & acquisitions market should provide Hartford with a host of willing buyers, industry experts said, but the move came as a surprise to Woodbury reps. Along with putting Woodbury on the block, HIG also said it is exiting the annuity business and intends to sell portions of its life insurance operation.
Cetera Financial Group has announced that it plans to acquire Genworth Financial Investment Services (GFIS) for $78.5 billion plus a one-year payout provision. The broker-dealer subsidiary of insurer Genworth Financial has $13 billion in assets under management (AUM). The deal is expected to close in 90 days and will bring 2,000 reps and advisors that specialize in tax and accounting areas in providing financial advisory services.
Pacific West Securities informed its 290 affiliated reps and advisors that it will be shutting down due to thin margins and the high cost of doing business. Multi-Financial Securities Corp., a subsidiary of Cetera Financial Group, has struck a recruitment deal with Pacific West, said Pacific West CEO Tony Pizelo. The two firms are collaborating on how to move the brokers.
