Cross-Sales Key to MONY-Advest Deal; Insurer Sees American Banker (08/28/00) Vol. 104, No. 34 p.1; Gjertsen, Lee Ann
As part of an effort to increase its stake of the asset
management business, MONY Group has announced plans to acquire
Advest Group for approximately $275 million in cash and stock.
With the acquisition, MONY hopes to create a platform from which
its insurance agents can cross-sell Advest's various products.
Advest's financial advisers currently offer financial planning,
brokerage, insurance, and asset management services to affluent
clients in 15 states and the District of Columbia. By
diversifying its client base, MONY hopes it will achieve the
extra leverage it needs to compete against larger financial