INVEST Financial Corp. has acquired the bank contracts of PFIC Securities Corp.
INVEST, Tampa, Fla., is a broker-dealer that helps banks sell securities. The company is an indirect subsidiary of Prudential P.L.C., London.
PFIC is a unit of Morgan Keegan & Company Inc., Memphis, Tenn., that has been supporting 400 representatives at 57 financial institutions, community banks, credit unions and independent contractors.
The representatives manage more than 40,000 client accounts and $3 billion in assets, INVEST says.
The deal should give PFIC customers access to more systems, such as INVEST’s paperless electronic-order entry system, INVEST says.