NEW YORK (AP) -- Insurance company MetLife is selling independent broker-dealer affiliates Tower Square Securities and Walnut Street Securities to Cetera Advisor Networks, so that its U.S. retail arm can concentrate more on its core distribution relationships.
Financial terms were not disclosed.
Cetera Advisor Networks is a broker-dealer owned by privately held independent investment adviser Cetera Financial Group.
MetLife Inc. said Friday that combined, Tower Square Securities and Walnut Street Securities had about $25 billion in assets under management and 850 advisers as of Dec. 31.
Cetera Financial said that the acquisition of Tower Square Securities and Walnut Street Securities will help to expand its footprint, particularly in the Midwest and Northeast. The company said that after the deal closes it will serve more than 7,000 advisers and have more than $130 billion in total client assets.
Shares of MetLife fell $1.29 or 3.5 percent, to $36.10 in premarket trading.