The parent of Invest Financial Corp. has bought Specialized Investments Division, a small third-party marketer in Atlanta.
IFC Holdings Inc.'s deal, which closed Thursday, brings 60 banks to Invest. Terms were not disclosed. Invest provides brokerage services to 240 banks through 127 holding companies. IFC Holdings serves another 237 banks through Investment Centers of America, Bismarck, N.D.
Specialized Investments, a unit of Financial Services Corp., is owned by SunAmerica Inc., Los Angeles.
SunAmerica is being bought by American International Group Inc., New York, and wanted to withdraw from third-party marketing, said Robert R. Blagojevich, chairman, president, and chief executive of IFC Holdings.
C. Roger Allen, president of Specialized Investments, has been named Invest's president and national sales manager. Previously, Mr. Blagojevich had also been performing those roles.