Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos
Intermediaries
Brokerage
Return to: IBR Home | Intermediaries | Brokerage

Prudential sells US broker-dealer network to LPL Financial

Published 18 August 2017

Prudential, through its subsidiary National Planning, has divested its US independent broker-dealer network comprising INVEST Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments, to LPL Financial, an independent broker-dealer in the US.

The transaction is structured as an asset sale, which includes substantially all the business of the network, for an initial purchase price of US$325 million, which may increase to a maximum of approximately US$448 million subject to certain transition criteria.

The transaction has closed after receiving all necessary regulatory approvals and the transition is expected to be completed by the end of the first quarter of 2018.

Barry Stowe, Chairman and Chief Executive Officer of Prudential plc’s North American Business Unit, said:
“While we still very much believe in the independent broker-dealer model, our primary strategy in North America is to focus on being the leading manufacturer of retirement products.

"The transaction with LPL Financial provides us with a compelling opportunity to divest our ownership in the NPH network to a leading independent broker-dealer well suited to support financial advisors and their retail clients going forward.”



Source: Company Press Release