MetLife’s retail advisor force comprises more than 40 local sales and advisory operations and approximately 4,000 advisors across the United States.
On February 29, Willkie client MetLife, Inc. announced that it has agreed to sell its U.S. Retail advisor force – the MetLife Premier Client Group (MPCG) – to Massachusetts Mutual Life Insurance Company. MPCG is a retail distribution operation with more than 40 local sales and advisory operations and approximately 4,000 advisors across the United States.
In addition to MetLife’s retail advisor firms, the transaction will encompass certain MetLife employees who support the MetLife Premier Client Group; MetLife’s affiliated broker-dealer, MetLife Securities, Inc.; and certain assets associated with the MetLife Premier Client Group, including employee contracts. MetLife and MassMutual have also agreed to enter into a product development agreement under which MetLife’s U.S. Retail business will be the exclusive developer of certain annuity products to be issued by MassMutual.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates, is one of the largest life insurance companies in the world. MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policy-owners.
The Willkie deal team included partners John Schwolsky and Laura Delanoy, and associate Howard Block.