PFIC Corp. has announced an agreement to buy the dual-employee, direct-access brokerage, and employee-stock-ownership-plan administration business lines of Fiserv Investor Services Inc.
The institutional support services business is owned by National Financial, a unit of Fidelity Investments. The deal is expected to close at the end of July, PFIC said Tuesday. Its terms were not disclosed.
The business lines of Fiserv Investor Services to be acquired serve financial institutions ranging in size from $100 million to $22 billion of assets. National Financial provides clearing services for PFIC Securities Corp.
PFIC Corp., which is based in Franklin, Tenn., and its wholly owned subsidiary PFIC Securities Corp., a full-service broker-dealer since 1994, specialize in distributing nontraditional insurance and investment products through regional and community banks nationwide.
PFIC became an affiliate of Morgan Keegan & Co. Inc., the Memphis investment and securities brokerage arm of Regions Financial Corp., when Regions bought the former Union Planters Corp. last year.
