MQBKY Macquarie Group Ltd (PK)

   By Josh Beckerman 
 

Foresters Financial is selling its U.S. asset-management business, including First Investors mutual funds, to Macquarie Investment Management and its U.S. broker-dealer and advisory business to Cetera Financial Group, planning to focus on its core life insurance activities.

The Macquarie Group Ltd. (MQU.AU) unit is buying operations with about $12.3 billion in assets under management as of March 31 in a deal expected to close in the fourth quarter. The assets will become part of the Delaware Funds by Macquarie.

Cetera will be permitted to invite Foresters' roughly 500 independent advisers to join Cetera's self-clearing platform. The Cetera transaction is expected to close in the second quarter.

Foresters, which didn't disclose the sale prices, said it expects to have ongoing relationships with Macquarie and Cetera.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

April 09, 2019 13:47 ET (17:47 GMT)

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