Spear to Sell Subsidiary’s Accounts to Discount Firm
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Spear Financial Services Inc. in Glendale said it has agreed to sell the discount brokerage accounts of its Spear Rees & Co. subsidiary to Quick & Reilly Inc., a large New York discount brokerage firm.
The transaction is expected to be completed this month.
Spear Financial also said it has sold stock in TCW Inc., its specialist operation on the Pacific Stock Exchange, and the stock of two inactive broker-dealer subsidiaries to its former chairman, Charles M. Spear.
The terms of the agreements were not disclosed.
Spear Financial said it also hopes to win stockholder approval in mid-June to change the name of the company to JMC Group Inc. The name change would complete the transformation of the company to focus on its core business of marketing annuities, life insurance and mutual funds to customers of financial institutions, it said.
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