MetLife Inc. said Thursday that it had completed its purchase of CitiStreet Associates, a division of CitiStreet LLC that is primarily a distributor of annuities and retirement plans to the education, health-care, and nonprofit markets.
The CitiStreet Associates deal was related to MetLife's July 1 purchase of Travelers Life and Annuity from Citigroup Inc. CitiStreet LLC is a joint venture of Citigroup and State Street Corp. CitiStreet Associates is to be integrated by Jan. 1 with MetLife Resources, a division of the insurer that provides retirement plans and financial services in the same markets.
The combination is to have more than 1.5 million customers in the 403(b) and 457 market and manage more than $30 billion of retirement plan assets.
