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 services companies.

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