Cetera Continues with Current Leadership, Community, Culture and Brand
Reinvestment Enables Ongoing Deployment of Capital To Support Wealth Hub Expansion Through Organic Growth, M&A and New Markets
San Diego, December 21, 2023—Cetera Financial Group, owned by Cetera Holdings (collectively, “Cetera”), the premier financial advisor Wealth Hub, 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. Originally announced in October 2023, the reinvestment transaction has closed following the 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 is the premier financial advisor Wealth Hub where financial advisors and institutions optimize their control and value creation. Breaking away from a commoditized and homogenous IBD model, Cetera offers financial professionals and institutions the latest solutions, support, and services to grow, scale, or transition with a merger, sale, investment, or succession plan. Cetera proudly serves independent financial advisors, tax professionals, licensed administrators, large enterprises, as well as institutions, such as banks and credit unions, providing an established and repeatable blueprint for scalable growth.
Home to more than 12,000 financial professionals and their teams, Cetera oversees approximately $475 billion in assets under administration and $186 billion in assets under management, as of December 20, 2023. In a recent advisor satisfaction survey of more than 21,000 reviews, Cetera’s Voice of Customer (VoC) program vigorously measures advisor experience and satisfaction 24/7. Currently, it’s ranked 4.8 out of 5 stars.
Visit www.cetera.com, and follow Cetera on LinkedIn, YouTube, Twitter and Facebook.
“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors LLC, Cetera Advisor Networks LLC, Cetera Investment Services LLC (marketed as Cetera Financial Institutions or Cetera Investors), and Cetera Financial Specialists LLC. All firms are FINRA/SIPC members. Located at: 655 W. Broadway, 11th Floor, San Diego, CA 92101.
Registered Representative offering securities and advisory services through Cetera Financial Specialists, member FINRA/SIPC. Cetera is under separate ownership from any other named entity.
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Together with Genstar XI, a $13.5 billion vehicle raised in April 2023, and all active funds, Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrials, and healthcare industries.
Cetera:
Ryan Hoffman
ryan.hoffman@cetera.com
Kris Pfeiffer
kpfeiffer@wearecsg.com
Genstar:
Chris Tofalli Public Relations,
Chris Tofalli
914-834-4334
