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S&P: Voya Deal Does Not Impact Cetera Credit Rating

17:29 11 February in In the News by rafferty

February 10, 2021 By Diana Britton, WealthManagement.com Cetera's acquisition of Voya's financial planning channel is expected to moderately increase the firm’s leverage, but not enough to change S&P Global Ratings' credit outlook. S&P Global Ratings said this week the acquisition of the independent financial planning channel of Voya Financial Advisors would have only a minimal impact on Cetera Financial Group's debt ratio and will strenghten the firm's market position. The debt rating agency said the deal would not impact the firm's B- credit rating for Aretec Group, the holding company for Cetera Financial Group. WealthManagement.com first reported that the deal was imminent over the weekend. S&P said the deal is expected to moderately increase the firm’s pro forma leverage for 2020 to a range of 5.75x to 6.25x debt to EBITDA, up from the analysts’ previous expectation of 5.5x to...

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Cetera Adds 900 Advisors, $40B in AUM in Voya Deal

02:54 10 February in In the News by rafferty

February 8, 2021 By Samuel Steinberger, Diana Britton, WealthManagement.com The 900 Voya advisors won't have to repaper client accounts, and Cetera will offer some form of transition assistance to retain them. Cetera Financial Group and its private equity parent company Genstar announced early Monday that they have entered into a definitive agreement to acquire the assets within the independent financial planning channel of Voya Financial Advisors. Cetera’s acquisition will see 385,000 retail clients and nearly $40 billion in assets becoming a part of Cetera, as 900 independent "financial professionals" transition to the firm, according to an announcement from Voya. WealthManagement.com first reported that the deal was imminent over the weekend. Two groups of financial advisors—encompassing about 600—are not part of the deal and will remain at Voya, including the firm’s phone desk professionals who work with...

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As Voya Financial sells off insurance groups, attention turns to its broker-dealer

01:03 31 January in In the News by rafferty

January 30, 2020 By Bruce Kelly, Investment News Voya Financial Inc. last month said it was selling its individual life insurance business, two years after it said it was selling its annuities businesses. The company has said publicly that it intends to focus on retirement, investment management and employee benefits businesses, and its broker-dealer, Voya Financial Advisors Inc., is tucked under its retirement group. But some in the industry perceive that Voya Financial, with roughly 1,700 advisers, could be the next broker-dealer up for sale, particularly as private equity funds are throwing money at and buying large broker-dealer networks like Advisor Group and Cetera Financial Group. Voya Financial is in the early exploratory stages of a sale of the broker-dealer but has not yet hired an investment bank, said an industry executive familiar with the...