Foresters Closes on FICC
January 25, 2011 by Allison Bell
The Independent Order of Foresters has completed previously announced efforts to acquire First Investors Consolidated Corp. (FICC), a U.S. distributor of life and investment products.
Foresters, Toronto, has acquired 100% of FICC, New York, through a deal first disclosed in September 2010.
The acquisition includes FICC’s registered broker-dealer, its registered investment advisory firm, transfer agent and life insurance operations. Foresters has not discussed the price of the deal.
FICC is an 80 year-old, privately held financial services firm with $7 billion in assets under management. The firm has a network of about 700 sales professionals and 400 employees in 46 offices in 26 states.
Foresters is a fraternal benefit society that has operated in the United States for about 100 years and has 675,000 members in Canada.
Foresters will be operating FICC as a stand-alone business in its U.S. division, Foresters says. Chris Pinkerton, who has been president of Foresters’ U.S. division, will keep that title and also become president of FICC.
First Investors registered representatives who are licensed to sell life insurance products will have an opportunity to sell Foresters life products as well as First Investors financial products, Pinkerton says.
– Allison Bell