As a result, Wachovia will not integrate the two brokerage operations for 18 months.
Eight years ago, he turned the brokerage operation over to family members.
Its brokerage operations earned $201 million in 1991 after a loss in 1990.
But rarely have people from outside the industry managed to figure out how to run a brokerage operation profitably.
He said 6,000 employees who provided support services for the company's brokerage operations would occupy the buildings.
Its Canadian brokerage operation, with 800 people, has also been sold.
What Millburn can do is build upon the assets it does have, like brokerage operations and financial institutions.
The brokerage operations represent a small percentage of Kemper's total activities.
Its brokerage operations were a major force and it insured just about everything.
Other big accounting firms have their own brokerage operations.