MetLife Inc. (MET) announced Cetera Advisor Networks will acquire Tower Square Securities and Walnut Street Securities, independent broker-dealer affiliates of MetLife. Financial terms were not disclosed. MetLife said the transaction allows its U.S. Retail division to focus resources on core distribution relationships, including affiliated broker-dealer organization.
Together, Tower Square Securities and Walnut Street Securities had approximately $25 billion in assets under management and 850 advisors as of December 31, 2012. Cetera Advisor Networks is one of four broker-dealers owned by Cetera Financial Group.
For comments and feedback: editorial@rttnews.com