Home Breadcrumb caret Industry News Breadcrumb caret Industry Foresters to focus on life insurance after selling other businesses The company has agreed to sell its U.S. asset management, broker dealer and advisory businesses By Staff | April 9, 2019 | Last updated on April 9, 2019 1 min read Toronto-based Foresters Financial will sell its U.S. asset management business, including First Investors mutual funds, to Macquarie Investment Management, based in Philadelphia, and its U.S. broker dealer and advisory business to El Segundo, Calif.-based Cetera Financial Group, the firms announced Tuesday. Foresters says it will continue to focus on its core mass- and middle-market life insurance business. Macquarie will manage segments of Foresters’ general account and a distribution relationship with Cetera, the firms said. The transactions are subject to regulatory and First Investors fund shareholder approvals. They are expected to close by the end of the year. The terms were not disclosed. Correction: A previous version of this article stated that Macquarie Investment Management was based in Australia. The firm is based in Philadelphia. Parent company Macquarie Group is based in Australia. Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo