Boston Advisors to Acquire Babson-United Investment Advisory Business.Business Editors BOSTON--(BUSINESS WIRE)--March 18, 2002 Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. Advisors, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of The Advest Group, Inc., announced today that it has signed a definitive agreement to acquire substantially all of the assets of Babson-United Investment Advisors Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and , Inc., a registered investment advisory firm. The transaction is expected to close in May. Headquartered in Boston's financial district, the combined firm will comprise 20 investment professionals and will manage approximately $3.5 billion in assets. Boston Advisors currently manages $2.3 billion in assets for affluent individuals, corporations, endowments and foundations. Founded in 1974, the firm is the independent investment management subsidiary of The Advest Group, Inc. and serves clients nationwide. Established in 1904, Babson-United currently manages approximately $1.2 billion in assets for its individual and institutional clients. The firm is owned by members of the Babson family and is based in Watertown Watertown. 1 Town (1990 pop. 20,456), Litchfield co., W Conn.; set off from Waterbury and inc. 1780. Synthetic textiles, thread, plastics, chemicals, mattresses, and brass goods are among its manufactures. , MA. "The investment advisory team at Babson-United shares our fundamental business values, commitment to client service, and investment philosophies," said Michael Vogelzang, President and Chief Investment Officer of Boston Advisors. "By combining our strengths, we will be able to better serve our existing clients and further expand our business." He noted that the transaction would particularly strengthen Boston Advisors' strategic focus on separate account management for high net worth investors. All of Babson-United's Investment Counselors, its research department, and many of its key support staff will join the combined firm, which will continue to operate under the Boston Advisors' name. Lawrence Manning, Babson's Senior Vice President and Chairman of the Investment Committee will become Boston Advisors' Investment Committee Chair. Babson-United will retain and continue to operate its Securities Research Company (SRC (SouRCe) Contrast with DST, which is an abbreviation of "destination." ) division, the nation's oldest provider of independent stock charting information. "From a long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. perspective, we needed access to much larger capital resources to remain competitive and better serve our clients in an increasingly crowded marketplace," said Peter Meenan, President and Chief Executive Officer of Babson United. "We were excited to find a partner that allows Babson to carry on the values for which we have long been known." "This transaction further enhances our ability to meet the needs of affluent investors," added Grant W. Kurtz, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Advest. "By expanding our investment advisory offerings, this acquisition deepens the resources available to all of our clients -Boston Advisors' as well as those clients being served by Advest and The MONY MONY Mutual of New York (Insurance - Syracuse, NY) Group." Advest is a member of The MONY Group Inc., a publicly-traded financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. firm based in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Terms of the transaction were not disclosed. The MONY Group expects that the acquisition will not materially impact its earnings. About Babson-United Babson-United has provided independent, unbiased investment information and investment counseling services to individuals and institutions since 1904. The company currently manages assets approximating $1.2 billion on behalf of its clients. Its division, Securities Research Company, is the nation's oldest provider of independent stock charting information. SRC's charts on equity securities, both Web-delivered and available in quarterly and annual print publications, are among the most highly regarded by institutional money managers and investment professionals. For more information about Babson-United and SRC, visit their respective web sites, www.babson.com and www.SRC1.com. About Boston Advisors Located in the heart of Boston's Financial District, Boston Advisors is a registered investment advisory firm actively managing approximately $2.3 billion in assets for affluent individuals, corporations, endowments and foundations. The firm was founded in 1974 and is a wholly owned subsidiary of The Advest Group, Inc. For more information about Boston Advisors, please visit www.bostonadvisors.com. About The Advest Group, Inc. The Advest Group, Inc. is a holding company for Boston Advisors. Its principal subsidiary, Advest, Inc., one of the country's leading regional financial services firms, is headquartered in Hartford CT. Advest provides financial, securities brokerage, trading, investment banking, trust and other advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to its clients from over 900 offices in 18 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Advest, a member of the New York, American, and other principal exchanges, is a member of The MONY Group Inc. For more information about Advest and The MONY Group, please visit their web sites, www.Advest.com or www.MONY.com. |
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