NU Online News Service, Jan. 14, 2005, 4:10 p.m. EST
Pacific Select Distributors announced that it has made an equity investment in Advanced Financial Solutions, a new broker dealer and registered investment advisor providing investment programs exclusively to community banks.[@@]
Pacific Select, a subsidiary of Pacific Life Insurance Company, San Diego, and the holding company for its broker-dealers, says the investment will help fund Advanced Financial Solutions’ startup costs.
“This strategic initiative gives us a strong foothold in a niche business that is fast becoming a significant part of the financial services industry and is steadily growing,” says Peter Deering, senior vice president of Pacific Select. “Pacific Select Distributors owns five broker-dealers, and none of them were doing substantial business in the financial institutions area. Our investment in Advanced Financial Solutions gives us strategic access to that niche.”