Business Services Industry
Hartford, Conn.-Based Phoenix Cos. to Sell Its Retail Broker-Dealers.
Knight Ridder/Tribune Business News, March, 2004
By Diane Levick, The Hartford Courant, Conn. Knight Ridder/Tribune Business News
Mar. 24--The Phoenix Companies Inc. is selling its sales affiliates in a deal expected to expand marketing opportunities but eliminate nearly 300 jobs -- 51 of them in Connecticut.
Phoenix, which has been striving for a financial turnaround, said Tuesday it has a definitive agreement to sell its retail broker-dealers -- WS Griffith Securities Inc. and Main Street Management Co. The buyer is Linsco/Private Ledger, also known as LPL Financial Services.
Terms weren't disclosed. However, it is a cash deal with a basic payment and an additional amount that will depend on how many advisors transfer to LPL, said Peter A. Hofmann, a senior vice president in charge...
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