Toronto-based Foresters Financial will sell its U.S. asset management business, including First Investors mutual funds, to Macquarie Investment Management, based in Philadelphia, and its U.S. broker dealer and advisory business to El Segundo, Calif.-based Cetera Financial Group, the firms announced Tuesday.
Foresters says it will continue to focus on its core mass- and middle-market life insurance business. Macquarie will manage segments of Foresters’ general account and a distribution relationship with Cetera, the firms said.
The transactions are subject to regulatory and First Investors fund shareholder approvals. They are expected to close by the end of the year.
The terms were not disclosed.
Correction: A previous version of this article stated that Macquarie Investment Management was based in Australia. The firm is based in Philadelphia. Parent company Macquarie Group is based in Australia.