Prudential parts with US broker-dealer network

The network has almost 3,200 advisers across the States with more than 1.5 million customer accounts and looks after about $124bn assets under management. It consists of INVEST Financial Corporation, Investment Centers of America, National Planning Corporation and SII Investments. Prudential is selling the network to LPL Financial, which is the largest independent broker-dealer network in the US. LPL has about $540m in brokerage and advised assets. The transaction, which is expected to complete in early 2018, has received all necessary regulatory approvals. The sale is worth an ini...