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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • Brecek & Young Advisors, Inc. (Securitiy Benefit Corporation)
  • Securities America Financial Corporation (Amerprise Financial, Inc.)
  • Securities and Investment Banking
  • August 5, 2008
  • N/A

Seller Details

Brecek & Young Advisors, Inc. is a nationwide full-service Registered Investment Advisor/Broker-Dealer headquartered in Folsom, California. There is also a Mid-West Office located in Cincinnati, Ohio. Through Brecek & Young Advisors, Inc., a fully licensed Registered Advisor, a wide variety of investment and insurance products are offered to clients. Mutual funds, stock and bonds, variable annuities and variable universal life insurance are some of the products offered. They also offer fee-based programs using portfolios of no-load and load-waived mutual funds.

Brecek & Young Advisors, Inc. can also provide fixed annuity contracts, life insurance, long-term care, disability and health insurance.

Security Benefit is built upon more than 100 years of tradition and provides retirement and investment solutions through independent financial representatives. They specialize in serving employees in the education, corporate, banking, government and health care markets, as well as individual investors.

They manage roughly $35 billion in total assets under management (estimated at the close of Security Benefit's acquisition of Rydex Investments) and rank in the top 10% of insurance companies nationwide*. In addition, through their subsidiary, se2, they administer roughly $52 billion in assets under administration.

Buyer Details

Securities America, Inc. a subsidiary of Ameriprise Financial, was founded in 1984. It is one of the nation's largest and independent general securities broker/dealers, with a wide range of investment products and services. Securities America, Inc. is a member of the National Association of Securities Dealers (NASD) and the Securities Investors Protection Corporation (SIPC). Customer accounts are cleared through National Financial Services, LLC.

Ameriprise Financial has more than 110 years of history helping clients plan for retirement. They have more than 2.8 million individual, business and institutional clients and $492 billion in owned, managed and administered assets as of September 30, 2007.

Transaction Summary

Berkshire Capital advised Security Benefit Corporation (“SBC”) in its sale of Brecek & Young Advisors, Inc. (“B&Y”) to Securities America Financial Corporation (“Securities America”), a subsidiary of Ameriprise Financial Corporation. Under the acquisition plan, B&Y employees and advisors will become affiliated with Securities America, Inc. in late 2008. The addition of Brecek & Young Advisors represents approximately $42 million in gross revenues, more than $1.3 billion in fee-based assets under management and more than 300 producing financial advisors. The acquisition will give Securities America's current advisors access to Iron Point Capital Management, B&Y's successful internal asset management program, and to extensive market expertise, including 403(b) issues. After the transition, Securities America will serve approximately 2,000 independent advisors with an estimated $550 million in revenue and $15 billion in fee-based assets under management.

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