Cetera to Acquire Protective Life Subsidiary in $12B AUA Deal

Cetera Financial Group entered into a definitive agreement to acquire Protective Life Corporation’s dual broker-dealer and RIA subsidiary Concourse Financial Group Securities (CFGS), the company announced in an October 8 press release.

With the deal, Cetera will integrate approximately 350 CFGS financial professionals, with over $12B in AUA and $4B in AUM, into its network. Cetera currently oversees more than $521B in AUA and $224B in AUM across approximately 12,000 advisors, as of June 30.

The deal is expected to close in the first quarter of next year, with Dentons LLP serving as Cetera’s legal counsel, while Protective and CFGS were advised by Maynard Nexsen PC and Eversheds Sutherland LLP as legal counsel and Morgan Stanley & Co. LLC as financial advisor.

View the press release here:

https://cetera.com/press-room/cetera-announces-agreement-with-protective-life-to-acquire-concourse-financial-group-securities