Ladenburg Thalmann
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.
Ladenburg Thalmann Financial Services Inc. said today that is has completed its previously announced $150 million acquisition of Securities America Financial Corporation and its subsidiaries. Ladenburg picks up 1,700 brokers and $50 billion in assets under management to bring its totals to 2,700 independent financial advisors with approximately $70 billion in total assets.
Ameriprise Financial Inc. (AMP) announced today that it has agreed to sell Securities America Financial Corporation and its subsidiaries to Ladenburg Thalmann Financial Services, Inc. (LTS) for $150 million in cash. The deal is expected to close by the end of the year and will add about $450 million in annual revenue for Thalmann. The deal includes additional payments to Ameriprise if Securities America hits performance targets in 2012 and 2013.
