Genstar-backed Cetera to acquire Securian Financial’s retail wealth business

Cetera is a network of financial professionals.

  • The transaction is expected to close in the third quarter of 2023
  • Morgan Stanley and UBS Investment Bank are acting as financial advisors to Cetera while Willkie Farr & Gallagher LLP is providing legal advice
  • Goldman Sachs is acting as financial advisor to Securian Financial and Eversheds Sutherland is legal advisor

Cetera Financial Group, which is backed by Genstar Capital, has agreed to acquire Securian Financial’s retail wealth business. No financial terms were disclosed.

Cetera is a network of financial professionals.

The transaction is expected to close in the third quarter of 2023.

“We have long admired Securian Financial’s commitment to their managing partners, their powerful independent operating model and dedicated community of independent financial professionals,” said Adam Antoniades, CEO at Cetera, in a statement. “Our Wealth Hub, which uniquely brings choice and flexibility to our financial professionals as well as best-in-class growth capabilities, is complementary and synergistic to Securian Financial’s operating model, and we envision untapped growth potential for the independent financial professionals joining the Cetera network.”

Morgan Stanley and UBS Investment Bank are acting as financial advisors to Cetera while Willkie Farr & Gallagher LLP is acting as legal advisor. Goldman Sachs is acting as financial advisor to Securian Financial and Eversheds Sutherland is acting as legal advisor.

Cetera oversees approximately $322 billion in assets under administration and $115 billion in assets under management, as of December 31, 2022.

Genstar invests in the middle market.

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