American Express Expands Roster

American Express Co. said its asset management unit agreed to buy Securities America, adding 1,200 financial planners and filling a gap caused by defections from its most lucrative office.

American Express Financial Advisers, the company’s fastest growing unit, said it bought Omaha, Neb.-based Securities America for an undisclosed amount. Securities America processes trades and keeps records for financial planners concentrated in Nebraska, Illinois, Florida and California who serve about 300,000 customers, mostly individual investors.

The acquisition comes three months after American Express suffered a wave of departures from its Detroit office. More than 80 of the firm’s 400 advisers, including the vice president of the metropolitan Detroit group, John Hantz, bolted to form their own money management company.

“The timing is coincidental, but fortuitous,” said Geoffrey Bobroff, an industry consultant.

Securities America is among the 10 biggest broker-dealers for independent advisers.