Jackson National Life Insurance Co. has made two acquisitions and Liberty Financial Cos. one in the past few days.
On Monday, Liberty bought Wanger Asset Management LP in Chicago for $272 million in cash plus $178 million in additional cash over five years. The deal had been announced in June.
Wanger manages about $9.2 billion of assets for three mutual fund families as well as a variable annuity insurance trust, offshore funds, employee benefit plans, and accounts for high-net-worth individuals. Liberty Financial, a subsidiary of Liberty Mutual Insurance Co. in Boston, distributes financial products to banks through its Independent Financial Marketing Group.
Also Monday, Jackson Nationals Jackson Federal Bank of San Bernardino, Calif., bought Highland Bancorp of Burbank, Calif., the holding company of Highland Federal Bank. The price was $110.4 million. It was Jackson Federals second acquisition this year; the first was of three retail branches from Fidelity Federal Bank in Los Angeles.
And on Friday, Jackson Federals National Planning Holdings of Santa Monica, Calif., bought the third-party marketer IFC Holdings. The deal had been announced in July. The price was not disclosed. IFC, which operates in 48 states as Invest and Investment Centers of America, distributes annuity and mutual fund products. Jackson National, based in Lansing, Mich., has more than $138 billion of life insurance in force and more than $43 billion of assets.