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Aetna to Buy Torrance-Based Brokerage

May 22, 1997|(Bloomberg News)

Aetna Inc. said it will buy Torrance-based Financial Network Investment Corp., a closely held brokerage, to increase its sales of annuities and other investment services. Terms of the purchase weren't disclosed, though the Wall Street Journal reported that the purchase price would be about $50 million. FNIC offers investments and advice through more than 2,400 independent financial planners and 177 offices in 35 states. It would become part of Aetna Retirement Services, the company's investment arm, and retain its name and management. Shares of Hartford, Conn.-based Aetna fell $2.125 to close at $94.375 on the NYSE. The shares are up almost 20% this year.

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