Austin, Texas-based independent adviser platform Kestra Financial Inc. has closed its acquisition of H. Beck Inc. from Securian Financial Group Inc.

The change of ownership was effective on Dec. 1. Kestra Financial plans to expand and optimize H. Beck's operations, though H. Beck will keep its brand and autonomy and be managed by its own executive team.

As part of the transaction, Securian Financial made a minority investment in Kestra Financial.