Massachusetts Mutual Life Insurance Company (MassMutual) has completed its acquisition of the MetLife Premier Client Group (MPCG), MetLife’s U.S. retail advisor force, for $165 million. The purchase was announced last February 29.
The acquisition includes certain MetLife employees who support MPCG, along with MetLife’s affiliated broker-dealer, MSI Financial Services, Inc. (formerly MetLife Securities, Inc.), and certain assets associated with MPCG, including employee contracts.
The acquisition significantly expands MassMutual’s footprint in the U.S., which will grow to more than 9,200 financial professionals in more than 2,000 offices nationwide, increasing 60% and 45%, respectively.
The two firms also entered into a product development agreement under which MetLife’s U.S. retail business will develop certain annuity products to be issued by MassMutual.
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