For $451.8m in cash to Macquarie Group

Lincoln Financial has sold its wholly owned subsidiary Delaware Management and its subsidiaries (Delaware Investments) for $451.8m in cash to Macquarie Group.

Delaware Investments was a wholly owned subsidiary of Lincoln Financial, focused on asset management. Under the agreement, Delaware Investments will continue to manage Lincoln Financial general account insurance assets under a long-term contract, and will provide additional sub-advisory services.

With headquarters in the Philadelphia region, the companies of Lincoln Financial had assets under management of $137bn as of September 30, 2009. Through its affiliated companies, Lincoln Financial offers annuities; life, group life and disability insurance; 401(k) and 403(b) plans; and financial planning and advisory services.