John Sosnowy has agreed to sell the assets of his firm,
Flexible Plan will gain about $145 million in assets from the acquisition, which will be paid for in a seven-year buyout arrangement, according to Jerry Wagner, president of Flexible Plan.
SIMCO, which manages only mutual fund and variable annuity accounts, will become a wholly owned subsidiary of Flexible Plan and will continue to be run by Sosnowy, who will also become a vice-president of Flexible Plan, according to the company.
Geographic consideration was one of the reasons for the acquisition, according to Wagner. SIMCOs offices in Texas, Florida and Washington compliment Flexible Plans 17 offices very well giving the company needed coverage in those areas, he said.
John [Sosnowy] brings a lot of experience in this type of business and SIMCO gives us more management depth and research depth, said Wagner. On the other side, the deal will open up SIMCOs client base to a much broader product offering because of our diversification.
Sosnowy is the founder of the