Foresters Sells Money Manager, Keeps Life Business
April 16, 2019 by Allison Bell
The Independent Order of Foresters today announced plans to sell its U.S. asset-management and broker-dealer businesses and focus more tightly on its core life insurance operations.
The Toronto-based fraternal insurer says it intends to focus on increasing sales of life insurance to mass-market and middle-market consumers in Canada, the United States and the United Kingdom.
Macquarie Group Ltd. — a financial services company based in Sydney, in the Australian state of New South Wales — has agreed to acquire Foresters’ First Investors mutual fund family. The First Investors funds are managing about $12 billion in investor assets.
Cetera Financial Group Inc. — a financial services distributor based in El Segundo, California — has agreed to acquire Foresters’ U.S. broker-dealer and advisory business, which has about 40 offices and relationships with about 500 financial professionals.