NU Online News Service, March 23, 2004, 2:02 p.m. EST – The Phoenix Companies Inc., Hartford, has agreed to sell its retail broker-dealer operations to Linsco/Private Ledger Corp., San Diego.[@@]
Phoenix has not announced the price of the deal or other financial terms, but it says Linsco has signed a separate agreement that calls for Linsco to sell Phoenix life, annuity and asset-management products.
Linsco would ask advisors who work with 2 Phoenix units, WS Griffith Securities Inc. and Main Street Management Company, to become independent registered representatives for Linsco.
Phoenix says it is selling the broker-deal operation and negotiating the Linsco distribution agreement so that it can become a “pure manufacturer” of financial products for wealthy and affluent individuals.