A.G. Edwards, CPI Split Up

March 22, 2004 (PLANSPONSOR.com) - A.G. Edwards, Inc. and wholly owned subsidiary CPI Qualified Plan Consultants, Inc., have decided to go separate ways.

On Friday A. G. Edwards announced that it had sold CPI, a third-party administrator of qualified employee retirement plans to CPI Holding Company, Inc., a newly formed independent company.   The transaction price is approximately $17 million, with $10.8 million to be paid immediately and the remainder to be paid over the next five years.

Robert Dema, currently president of CPI Qualified Plan Consultants, will become president of CPI Holding Company.

With headquarters in Great Bend, Kansas, CPI Qualified Plan Consultants has about 350 employees and operates eight regional offices nationwide.