Securian Closes on Capital Financial/H. Beck Acquisition
Copyright 2008 PR Newswire Association LLC.All Rights Reserved. PR Newswire
December 1, 2008 Monday 5:14 PM GMT
LENGTH: 419 words
HEADLINE: Securian Closes on Capital Financial/H. Beck Acquisition
DATELINE: ST. PAUL, Minn. Dec. 1
ST. PAUL, Minn., Dec. 1 /PRNewswire/ -- Securian Financial Group's acquisition of Capital Financial Group, Inc. (CFG) and its broker-dealer affiliate, H. Beck, Inc., closed today. The acquisition, announced in September, has received the required regulatory approvals.
CFG's senior management team will remain in place and the firm will continue to operate independently out of its headquarters in Rockville, Maryland. The transaction will not cause layoffs at either firm.
As a result of the agreement, CFG and Securian Financial Services (SFS), Securian's broker-dealer, will benefit from increased efficiency and more product and service offerings. Each firm is enjoying strong growth: CFG's compound annual growth rate during the three years ending with 2007 is 17 percent and SFS' is 27 percent. The acquisition will significantly expand Securian's network to nearly 2,000 advisors -- approximately 750 with CFG and 1,220 with SFS.
The transaction is unusual because few insurance companies currently are adding to their broker-dealer operations. Also, the acquired company will operate with a great deal of autonomy, as is often the case with companies Securian acquires.
"To be able to continue to run CFG and H. Beck in the same manner as we have since we founded the companies was very important to us," said Eric Meyers, president and CEO, Capital Financial Group. "Securian's financial strength also was a major factor in our decision to sell to them. Given all that's happened since we announced the acquisition in mid-September, we feel we made a good decision."
H. Beck serves the financial needs of individuals, trusts, estates and businesses with securities and investment advisory services. H. Beck is a registered investment advisor, a member of FINRA/SIPC, and licensed in all 50 states.
Securian Financial Services also is a registered investment adviser and member of FINRA/SIPC. Its parent, Securian Financial Group, provides financial security for individuals and businesses in the form of insurance, retirement plans and investments. Securian Financial Group has $27 billion in assets under management as of September 30, 2008, a nationwide work force of 3,500 employees, and serves more than 9,000,000 individuals in the U.S.
URLs:
http://www.securian.com/FinancialServices/home.asp
CONTACT: Maggie Jensen, APR of Securian Financial Group,+1-651-665-7558
Web site: http://www.securian.com/ http://www.cfginc.com/
SOURCE Securian Financial Group http://www.prnewswire.com
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