NEW YORK Mony Group Inc. said Thursday it had completed its acquisition of Advest Group for $280 million.
The merger received regulatory approval from the Office of Thrift Supervision on Wednesday. The approval was required because Advest Groups units include Advest Bank and Trust, a thrift that provides trust services.
The OTS said in a press statement that it does not expect the thrift to pursue banking activities other than trust services.
Advest Group, of Hartford, Conn., will now operate as a subsidiary of Mony Group. The acquisition was originally announced in August.
Advest provides brokerage, trading, trust, investment banking, and asset management services to retail and institutional investors. It manages approximately $30 billion of assets and employs 485 financial advisers in more than 90 sales offices in 18 states and the District of Columbia.
Mony Group, with $55 billion of assets under management and administration, provides life insurance, annuities, mutual funds, brokerage, asset management, business and estate planning, trust, and investment banking products and services to individual and institutional clients through several member companies.