Skip to content
The DI Wire
Click Here to Subscribe to Our Free Daily News Updates

Cetera Completes Equity Reinvestment Transaction with Genstar Capital

Cetera Completes Equity Reinvestment Transaction with Genstar Capital. Adviser, Broker, Broker-Dealer, Cetera Financial Group, Financial Services, Investment Adviser, RIA, Registered Investment Adviser, Alternative Investments

Cetera Financial Group, one of the nation’s largest networks of independently managed broker-dealers, announced today the close of the reinvestment by Genstar Capital (“Genstar”), a leading private equity firm focused on investments in targeted segments of the financial services, software, industrials, and healthcare industries.  Announced in October, the reinvestment transaction closed upon receipt of regulatory approvals and the satisfaction of other closing conditions.

“Genstar’s partnership has propelled growth for Cetera for several years, and we look forward to even bigger things to come in the next chapter together,” said Mike Durbin, CEO of Cetera Holdings. “This reinvestment provides fresh capital to empower our strategic plans and allows us to thoughtfully reinvest in the Cetera business to drive continued growth and success. We are grateful for this vote of confidence by Genstar and are more optimistic than ever headed into 2024.”

Since Genstar’s original investment in 2018, Cetera has grown dramatically, driven by organic growth, recruiting and strategic M&A, from approximately 7,000 advisors and 1,300 employees supporting $242 billion of assets under administration (“AUA”) to approximately 12,000 advisors and 2,800 employees supporting $475 billion of AUA today.  Cetera continues to be an essential partner for its independent advisor and financial institution clients, offering industry leading technology, award-winning solutions and innovative support to enable growth. Consistent with a philosophy of aligning incentives to shared outcomes, Cetera and Genstar have designed refreshed programs to encourage additional ownership by advisors and management.

Tony Salewski, managing partner of Genstar, said, “The first chapter of Genstar’s partnership with Cetera has been an exciting journey, and we thank the leadership team for tremendous growth and value creation. We are excited to re-underwrite Cetera as a new investment, led by our latest fund, Genstar XI.  This next chapter will see the further expansion of the business and the Wealth Hub strategy.”

Cetera Financial Group serves more than 9,000 independent financial professionals and their teams, including tax professionals, banks, and credit unions in providing financial planning and wealth management services. Cetera oversees approximately $374 billion in assets under administration and $145 billion in assets under management.

Click here to visit The DI Wire directory page.