Securian Financial Group Inc. says it plans to acquire investment firm Capital Financial Group Inc. and CFG’s broker-dealer affiliate.
Securian, a unit of Minnesota Mutual Insurance Companies Inc., St. Paul, Minn., and CFG, Rockville; Md., are not saying how much Securian is paying, but they say they hope to complete the deal by Dec. 31.
CFG will continue to operate independently and keep its current senior managers, as will its broker-dealer, H. Beck Inc., Securian says.
No layoffs are planned at either CFG or Beck, and CFG is proceeding with plans to open a southern California office in 2009, Securian says.
Securian now has 1,220 advisors and CFG has 750.
CFG’s 3-year compound annual growth rate is 17% and Securian’s is 27%, the companies say.