Two Firms Lead as PE-Backed Cetera Buys Securian Wealth Business

Willkie Farr & Gallagher represented wealth broker-dealer network manager Cetera Financial Group Inc. on its deal to acquire the retail wealth management business of Securian Financial Group, Inc.

Eversheds Sutherland is advising St. Paul, Minnesota-based Securian Financial, a provider of insurance products and investment and financial services, according to a statement.

Under the agreement, Los Angeles-based Cetera will acquire certain assets related to Securian Financial Services, including its broker-dealer, registered investment adviser and insurance agency, as well as the equity of Securian Trust Company. Cetera is backed by private equity firm Genstar Capital.

Cetera will integrate from Securian more than ...