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Genstar Capital buys majority stake in Cetera Financial Group

19:29 18 July in In the News by rafferty

July 17, 2018 By Greg Iacuri, Investment News The private-equity firm has previously invested in such companies as Mercer Advisors and AssetMark Cetera Financial Group, a network of six independent broker-dealers with about 8,000 brokers and advisers, said Tuesday evening that private-equity firm Genstar Capital will buy a majority equity stake in the company. Cetera's holding company, Aretec Group Inc., has entered into a definitive agreement with Genstar. Terms of the deal, slated to close in the third quarter, were not disclosed. Cetera's leadership team is "maintaining a meaningful ownership position," according to a press release, which didn't specify that position. The deal marks the completion of Cetera's review of its capital structure, which the company publicly acknowledged in February. LPL Financial and Lightyear Capital, the owner of Advisor Group, had also expressed interest in a potential...

LPL Targets Cetera, Securities America and Kestra Advisors with Aggressive Recruiting Package

19:27 10 April in In the News by rafferty

April 10, 2018 By Diana Britton, WealthManagement.com To boost recruiting, LPL is offering some advisors from rival firms up to 50 basis points on all assets. LPL Financial is sweetening the recruitment deal for advisors who join from rival independent broker/dealers Cetera Financial, Securities America and Kestra Financial, offering advisors 50 basis points on assets if they join the firm’s corporate RIA and 40 basis points on assets to join hybrid offices of supervisory jurisdiction (OSJs). The incentives are in the form of forgivable notes. The enhanced recruitment package, which takes the form of a forgivable note, was announced about a week ago, according to sources familiar with the promotion. Advisors from these firms who join LPL’s corporate RIA will also get a 93 percent payout for five years as further enticement. The firm is not...

Cetera sale talk another distraction for advisers

17:00 27 February in In the News by rafferty

February 26, 2018 By Bruce Kelly, Investment News Company emerged from bankruptcy less than two years ago; plans to brief advisers Tuesday afternoon A potential sale of Cetera Financial Group could be boon for its private equity owners, but turn out to be another distraction for its 8,000 advisers, who saw the company emerge from bankruptcy less than two years ago. On Friday, Bloomberg News reported that Cetera was exploring a sale that could fetch its private equity owners as much as $1.5 billion. On Monday, the company said it launched an internal review with the objective of optimizing its capital structure, lowering costs and maximizing continued investments. Cetera also said it hired Goldman Sachs & Co. for the review. "It is a distraction," said one Cetera adviser, who asked not to be named. "If management wants...