Cetera to Sell Legend Group to Lincoln Investment
The deal allows Cetera to exit a business it says is not core to its future growth plans
SEPTEMBER 14, 2016 | By Janet Levaux | ThinkAdvisor
Cetera Financial Group said it has struck a deal to sell Legend Group, a broker-dealer with about 350 advisors and $6 billion in assets, to Lincoln Investment Capital.
Legend focuses on clients with 403(b) plans—retirement plans for teachers and other non-profit employees. It is based in Palm Beach Gardens, Fla. Terms of the deal were not announced.
“As publicly disclosed earlier this year, our exploration of a potential sale of the Legend Group was guided by our plan to exit businesses that were not core to our future growth plans, combined with our commitment to identify a transaction opportunity with a company that understands and supports the Legend Group’s unique strengths in the 403(b) plan space,” said Cetera CEO Robert Moore in an interview.Go Back
I have been using Blue Vault Partners for the past five years. I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs. The reports help me analyze which sponsors are doing a responsible job of managing their offerings. This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.