A financial services company has completed the process of acquiring a large broker-dealer.
Securian Financial Group, a unit of Minnesota Mutual Insurance Company, St. Paul, Minn., has scooped up Capital Financial Group Inc., the parent of H. Beck Inc., Rockville, Md.
H. Beck’s senior managers will keep their jobs, and the company will continue to operate out of its Rockville, Md., headquarters, Securian says.
The transaction will not cause layoffs at either firm, Securian says.
Securian says it has come into the deal with 1,220 advisors, and Capital Financial has about 750 advisors.
Securian and Capital Financial announced the deal in September.