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Macquarie to Acquire $12 Billion Asset Manager From Foresters

  • Firm may pursue more active management deals, executive says
  • Foresters looks to focus on insurance, sells broker to Cetera

Macquarie Group Ltd.’s investing division agreed to buy a U.S. business with $12.3 billion in assets from Foresters Financial, which is seeking to focus on life insurance.

Foresters is also selling its U.S. broker-dealer including 40 branch offices to Cetera Financial Group, the Toronto-based company said Tuesday in a statement. Foresters said the transactions are expected to be completed by year-end. Terms weren’t disclosed, and Cetera will be adding about 500 financial advisers.