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Prudential sells US broker network

The life assurer wants to focus on selling retirement products in the US market
August 17, 2017

Prudential (PRU) has agreed the sale of US broker-dealer network National Planning Holdings, in order to concentrate on selling retirement products in the country. LPL Financial, the US’s largest independent broker-dealer, will pay an initial consideration of $325m (£252m), which may increase to $448m if certain criteria are met.

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National Planning Holdings sells investment products via its subsidiaries – Invest Financial Corporation, Investment Centres of America, National Planning Corporation and SII Investments. The deal is expected to complete by the end of the first quarter of 2018. The network generated fees of £305m during the six months to the end of June, up from £259m during the same period in 2016.