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Cetera to Sell Legend Group to Lincoln Investment

September 16, 2016

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.

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Gil Armour, CFP
February 3, 2016

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