Cetera Financial Group said Wednesday that it’s agreed to buy the wealth business of insurance company Securian Financial Group, which includes more than 1,000 advisors who manage $24.8 billion in assets under management and $47.4 billion in assets under administration. It is also acquiring the equity of Securian Trust Co.
The advisors, spread across 30 independent firms, will be branded as Cetera Wealth Management Group and be part of Cetera Advisor Networks.
The deal includes a strategic partnership in which Securian Financial will distribute life and annuity products through Cetera’s reps.
"This transaction allows Securian Financial to increase our strategic focus and accelerate growth in our priority markets, while at the same time continue our commitment to the retail wealth business through our strategic partnership with Cetera," Chris Hilger, Securian Financial's chairman, president and CEO, said in a statement.
The transaction is expected to close in the third quarter. Terms were not disclosed.
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