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Aug 09 2017

Kestra Acquires H. Beck and $2.4 Billion AUM

Independent advisor platform Kestra Financial Inc. has acquired H. Beck Inc., an independent financial advisor with 600 reps and $2.4 billion in assets under management, from Securian Financial Group Inc. The terms of the deal were not disclosed.

HBI, purchased nine years ago by Securian, will remain an autonomously operated registered investment advisor and broker-dealer servicing the independent advisor community. HBI will not be absorbed into Kestra Financial, and the firm will be managed by its own executive team.

“This acquisition represents our continued commitment to intentional growth through both organic initiatives and acquisitions,” said James Poer, CEO of Kestra Financial. “We have a history of making thoughtful acquisitions that align with our values and business strategies, and we believe that the H. Beck advisor force and the clients they serve will benefit from the transaction.”

HBI’s home office and advisor services will remain intact, and the company will retain its own brand, operational autonomy, and its headquarters in Maryland. The company said that investments will be made to further optimize the technology solutions and operations of HBI.

The acquisition is expected to close before the end of the year.

Headquartered in Austin, Texas, Kestra Financial was formerly known as NFP Advisor Services before changing its name last year after insurance broker NFP sold a majority stake in the company to funds managed by private equity firm Stone Point Capital. Kestra supports more than 1,700 independent financial advisors and produced revenues of $423 million in 2016.

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Article by: The DI Wire

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