AmeriLife Group, a US-based life insurer, has purchased a majority stake in investment advisory firm Brookstone Capital Management for an undisclosed sum.
Upon completion of the transaction, Brookstone will operate as the new investment advisory services division of AmeriLife.
The combined entity will have over $3.5bn in annual life, health and annuity premiums and $2.7bn in assets under management.
Brookstone will continue to be led by founder Dean Zayed. He will assume the role of president of AmeriLife’s new Investment Advisory Services division.
The acquired entity will continue to operate from its Wheaton, Illinois headquarters.
AmeriLife CEO Scott Perry said: “Partnering with Dean and the Brookstone team is a major step toward AmeriLife’s strategic goal of providing full-service insurance, retirement and legacy planning services to our agents, advisors and clients.
“Brookstone’s comprehensive investment management platform, education and training resources, and operational and marketing support enable advisors to start and grow a successful investment advisory practice.
“These capabilities will be tremendous assets for our thousands of insurance and annuity-based career and independent agents who are looking to expand their businesses to include investment advisory services, and for our many experienced Series-65 licensed investment advisor representatives (IARs) who will gain access to a superior platform of investment models and IAR services delivered by a top-notch fiduciary team.”
Brookstone offers investment strategy and asset management services to over 24,000 pre-retirees and retirees through a network of over 400 affiliated advisers and firms.