SWS Group, a provider of financial and investment services, has completed the acquisition of ML Stern & Company and its wholly owned subsidiary, Tower Asset Management.
SWS acquired the California-based brokerage and asset management companies from a subsidiary of Pacific Life Insurance Company.
SWS officials anticipate that initial costs will negatively impact earnings by five to seven cents per share in the first six months. However, they project that the combination will make a positive contribution to earnings thereafter. The purchase price was not disclosed.
Donald Hultgren, president and CEO of SWS Group, said: We are pleased to have closed the ML Stern acquisition, which will double the size of our private client advisor network and significantly add to SWS’ presence in the California market.