FORT WAYNE, Ind. (WPTA) – Lincoln Financial Group announced that it has agreed to sell its wealth management business to Osaic, Inc.
According to a sent by the transaction is expected to provide about $700 million of capital benefit to Lincoln once the deal is closed. The company says it plans to use that money to be used “primarily to increase the company’s risk-based capital ratio.”
The transaction will include the sale to Osaic of Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS) – the company’s two independent broker-dealers and registered investment advisory firm.
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“As we look ahead, we will continue to focus on growing our individual insurance solutions and workplace solutions businesses and leveraging our core strengths, including our distribution leadership and strong brand, to deliver future value for all of our stakeholders,” said Ellen Cooper, Chairman, President and CEO of Lincoln Financial Group. “We are pleased to have found a strong long-term home for Lincoln’s wealth management business, and we believe this transaction will greatly benefit this national network of financial professionals who deliver invaluable services for their clients each and every day. We look forward to our continued partnership with our colleagues who will join Osaic, and together, we will ensure continuity and support a smooth and seamless transition.”
states they are one of the nation’s largest providers of wealth management and has headquarters in seven states.
“We’re excited to welcome Lincoln Wealth’s impressive leadership team, financial professionals and dedicated employees to Osaic. This transaction was driven by the strong partnership between Osaic and Lincoln Financial Group which will continue into the future,” said Jamie Price, CEO of Osaic. “The cultural alignment between Lincoln Wealth and Osaic makes this a natural fit and we look forward to continuing to serve this network of financial professionals with the strong culture of community and development they have built.”
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Lincoln Financial Group offers life insurance, retirement plans, employee benefits, and other financial wealth services. The Fortune 500 company was founded in 1905 by Fort Wayne businessmen. Over the years the company has grown nationwide and is now headquartered in Pennsylvania.
Lincoln Financial Group is in Fort Wayne employing around 2,000 people. Fort Wayne employees received a letter earlier this week about the sale. However, the letter did not indicate how the sale would impact employees.
The deal is expected to close in the first half of 2024.
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