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Macquarie To Acquire $12B Asset Manager From Foresters

by posted 4months ago 53 views
Macquarie Group Ltd.’s investing division agreed to buy a U.S. business with $12.3 billion in assets from Foresters Financial, which is seeking to focus on life insurance. Foresters is also selling its U.S. broker-dealer including 40 branch offices to Cetera Financial Group, the Toronto-based company said Tuesday in a statement. Foresters said the transactions are expected to be completed by year-end. Terms weren’t disclosed, and Cetera will be adding about 500 financial advisers. Macquarie Investment Management, which oversaw $234.5 billion including the Delaware Funds at the end of 2018, will gain the First Investors mutual funds business.