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Cetera Monetary Group says Genstar Capital is making a reinvestment in its enterprise. The personal fairness agency, which is Cetera’s majority investor, acquired its first stake within the unbiased broker-dealer group in 2018.
The information comes lower than a month after Cetera introduced plans to purchase Avantax, previously Blucora, in an all-cash transaction for $1.2 billion. Dallas-based Avantax has some 3,075 monetary professionals targeted on tax and wealth administration, in addition to practically $83.8 billion in belongings below administration and $42.6 billion in belongings below administration.
“Over the previous 5 years, Cetera has grown from roughly 7,000 advisors and 1,300 workers supporting $242 billion of belongings below administration in 2018 to [about] 9,000 advisors and a pair of,000 workers supporting $374 billion of AUA in the present day,” in keeping with Cetera Monetary Group CEO Adam Antoniades.
Genstar’s newest funding in Cetera will primarily come from its latest fund, Fund XI, and extra capital from Fund X. Total, Genstar has some $49 billion in belongings below administration.
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