Los Angeles Business Journal

Cetera to Acquire MetLife Broker-Dealer Businesses

By Deborah Crowe Friday, April 5, 2013

Cetera Financial Group on Friday said it will acquire Tower Square Securities and Walnut Street Securities from financial services giant MetLife Inc.

The El Segundo provider of broker-dealer services said that Tower Square and Walnut Street, which are affiliated with more than 800 financial advisers and registered reps and have a significant presence in the Midwest and Northeast, will become part of its Cetera Advisor Networks LLC. Terms of the deal were not disclosed.

Craig Markham, president of Tower Square and Walnut Street, will join Cetera Advisor Networks as senior vice president of advisor relations. He will oversee the sales and support teams, Cetera Financial said.

“Tower Square and Walnut Street advisors are a perfect fit for Cetera Advisor Networks,” Doug King, president and chief executive of Cetera Advisor Networks, said in a statement. “These advisers join a firm of like-minded professionals and get access to the benefits that can only come with our collective scale.”

Cetera Financial said that after the deal closes it will serve more than 7,000 advisers and have more than $130 billion in total client assets.