Prudential buys IFC Holdings

The UK’s Prudential has bought an insurance and investment marketing company in the US. IFC Holdings was bought from AmSouth Banking Corporation by National Planning Holdings, the marketing and distribution operation owned by Prudential’s US subsidiary, Jackson National Life. No terms were disclosed, but IFC Holdings, has annual sales of around $6bn and revenues of $350mn. The company operates through community banks and its network currently spans across 48 states. The deal is set to be concluded in November.