Cetera Financial to Buy Foresters' BD, Advisory Assets

Like Cetera's other businesses — Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services — Foresters will operate as a unit of the company, the firm says. The acquired business will be led by Sean Casey.

In a separate transaction, Toronto-based Foresters Financial is selling its U.S. asset management business, including First Investors mutual funds, to Macquarie Investment Management, which owns the Delaware Funds.

"When Foresters Financial decided to continue to focus and invest in its core life insurance business, it sought a firm that it felt would best offer its national network of diverse and client-centric financial advisors a path for continued growth," according to LeAnn Rummel, president of Cetera Financial Insitutions.

"We also look forward to offering these advisors access to our expertise and automation of our fixed and variable annuity and life insurance shelf," she said.

— Check out Moore's Exit Raises Deeper Questions at Cetera on ThinkAdvisor.