Private equity firm Genstar Capital has led a recapitalization of Cerity Partners, a New York-based registered investment adviser managing $44.7 billion.
Financial terms of the recapitalization were not disclosed but a spokesman for Genstar said the firm now has a majority stake in Cerity.
Lightyear Capital, which has been an investor in Cerity Partners since 2017, will continue to be an investor in the firm, San Francsico-based Genstar said in a press release Monday.
Genstar currently has approximately $35 billion of assets under management. The firm targets investments, such as Cetera Financial Group, which are focused on targeted segments of the financial services, healthcare, industrials, and software industries.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
