n affiliate of AEGON Financial Services Group, Inc.
, has entered into a letter of intent providing for its purchase of the Endeavor Companies
, a California-based independent third party marketing and mutual fund management organization. The acquisition is expected to close early in the third quarter of 1999.
"The financial services industry is consolidating at an amazing
pace," said Larry Norman
, president of AEGON Financial Services Group,
Inc. "The combined product, service and distribution capabilities
brought about by this acquisition have quite powerful and very
exciting implications for our friends in the brokerage industry and
During its 25 years in the business Endeavor has formed relationships with the nation's major national and regional brokerage and financial planning firms. In 1991, Endeavor developed and introduced one of the industry's first multi-manager variable annuities issued by PFL Life Insurance Company, a member of AEGON Insurance Group.
"Innovation both in product design and delivery and emphasis on broker support systems has driven our success," said Vince McGuinness
, ceo of the Endeavor Companies. "Combining the AEGON support structure and availability of capital with the Endeavor brand and its strong relationships will have significant impact. We will increase presence in the field, expand the product line, and most important, we believe, share some very progressive management tools with our partner firms."
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