Prudential said Wednesday it sold its U.S. independent broker-dealer-network to the largest independent broker network in the U.S., LPL Financial (LPLA) for up to $448 million.
Prudential was up 0.77% in early trading at 1,825.5 pence per share.
The U.K. based insurer, not to be confused with New York-listed Prudential Financial (PRU) , said it made the sale through its subsidiary National Planning Holdings. The business sold include Invest Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments.
"While we still very much believe in the independent broker-dealer model, our primary strategy in North America is to focus on being the leading manufacturer of retirement products," said Prudential's North American business unit chairman and CEO Barry Stowe, in a statement.
"The transaction with LPL Financial provides us with a compelling opportunity to divest our ownership in the NPH network to a leading independent broker-dealer well suited to support financial advisers and their retail clients going forward."
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