{"id":1267,"date":"2013-06-12T16:51:49","date_gmt":"2013-06-12T16:51:49","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/06\/brokerage_firms_changing_hands"},"modified":"2022-03-10T16:36:53","modified_gmt":"2022-03-10T22:36:53","slug":"brokerage-firms-changing-hands","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/brokerage-firms-changing-hands\/","title":{"rendered":"Brokerage Firms Change Hands as Insurers Divest In House Securities Firms, While REIT Manager Schorsch Buys First Allied Securities"},"content":{"rendered":"

\t\t\t\tSymetra Financial Corp. (SYA), an insurance company, is leaving the independent brokerage business after it sells its broker-dealer Symetra Investment Services Inc. to Manulife Financial Corp. (MFC) unit John Hancock Financial Services Inc. (JHF). Symetra chief executive Tom Mara said that considering the company’s products at this time, owning the brokerage firm as a “distribution channel” isn’t a “good strategic fit” any longer.<\/p>\n

The insurer’s brokerage company has approximately 280 registered representatives. Manulife is making the buy in part because it wants to broaden its asset-management business. (Last year, it agreed to buy Wellington West Financial Services Inc. from National Bank of Canada.)<\/p>\n

However, ever since the credit crisis, Symetra isn’t the only insurer to get rid of their independent broker-dealers because of the risks and expenses involved with being part of the securities industry. (The declined in variable annuities sales hasn’t encouraged insurance companies to stay in the broker business either.) <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Symetra Financial Corp. (SYA), an insurance company, is leaving the independent brokerage business after it sells its broker-dealer Symetra Investment Services Inc. to Manulife Financial Corp. (MFC) unit John Hancock Financial Services Inc. (JHF). Symetra chief executive Tom Mara said that considering the company’s products at this time, owning the brokerage firm as a “distribution […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3774,3759],"tags":[],"class_list":["post-1267","post","type-post","status-publish","format-standard","hentry","category-broker-dealers","category-reits"],"yoast_head":"\nBrokerage Firms Change Hands as Insurers Divest In House Securities Firms, While REIT Manager Schorsch Buys First Allied Securities — Investor Lawyers Blog — June 12, 2013<\/title>\n<meta name=\"description\" content=\"Symetra Financial Corp. 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