Macquarie to Acquire $12 Billion Asset Manager From Foresters

Macquarie Group Ltd.’s investing division agreed to buy a U.S. business with $12.3 billion in assets from Foresters Financial, which is seeking to focus on life insurance.

Foresters is also selling its U.S. broker-dealer including 40 branch offices to Cetera Financial Group, the Toronto-based company said April 9 in a statement. Foresters said the transactions are expected to be completed by year-end. Terms weren’t disclosed, and Cetera will be adding about 500 financial advisers.

Macquarie Investment Management, which oversaw $234.5 billion including the Delaware Funds at the end of 2018, will gain the First Investors mutual funds business. The money ...