Cetera Financial Group is buying Tower Square Securities Inc. and Walnut Street Securities from MetLife Inc. Together, the companies had about $25 billion in assets at the end of 2012.
Tower Square and Walnut Street are both broker-dealers based in New York. Terms of the deal were not disclosed.
Cetera, also a broker-dealer, provides wealth management and advisory services to financial professionals and institutions. After the deal closes, the company will have more than $130 billion in total client assets.
The firms will become part of Cetera Advisor Networks, which provides support to advisers.
Sandler O’Neill & Partners LP was MetLife’s financial adviser on the deal. Partners R. Alec Dawson, Sheryl Orr and John Ayanian of Morgan Lewis & Bockius LLP served as MetLife’s legal counsel on the deal. Partners B. Scott Burton and Douglas Leary Sutherland of Asbill & Brennan LLP provided legal advice to Cetera.