11 Jul 2000
Prudential's Jackson National Life to acquire IFC Holdings
Prudential today announced that National Planning Holdings (NPH), an affiliate of Prudential's US subsidiary, Jackson National Life, has reached an agreement to acquire IFC Holdings (IFC). IFC, currently owned by AmSouth Bank a subsidiary of AmSouth Bancorporation, is the leading bank third-party marketing organisation in the United States. Net assets acquired amount to $43 million and the acquisition will be funded from Jackson's own resources.
It is expected that the acquisition will be completed in the third quarter of this year and together with NPH will create the fifth largest independent broker-dealer network in the United States, generating annual sales in excess of $6 billion and revenues of approximately $350 million.
Prudential Group Chief Executive, Jonathan Bloomer said
"The acquisition of IFC Holdings marks another stage in our strategic objective of expanding our product lines, distribution channels and customer base in the US."
Robert Saltzman, President and Chief Executive of Jackson National Life said
"The acquisition will significantly enhance our distribution through banks and further expand our current broker-dealer network."
Jeremy Reynolds + 44 20 7548 3721
Tina Christou + 44 20 7548 3719
Rebecca Burrows + 44 20 7548 3537
Notes to editors:
IFC Holdings was the largest third-party marketer of investment and insurance products to financial institutions in 1999. It operates in 48 states as INVEST and Investment Centers of America. It was a subsidiary of First American Corporation, which AmSouth acquired last year.
National Planning Holdings consists of National Planning Corporation (NPC) and SII Investments. SII investments was purchased by NPH in February 1998; since then, SII's revenues have grown by more than 200 percent. Currently, National Planning has more than 1,700 affiliated representatives.
National Planning Holdings, headquartered in Santa Monica, California is a wholly owned affiliate of Jackson National Life (JNL), headquartered in Lansing, Michigan. At 31 December 1999, JNL ranked as the 20th largest US life insurance company in terms of total assets. JNL is wholly owned by Prudential plc (NYSE: PUK), a leading international financial services group with businesses in Europe, the United States and Asia.
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