Cetera Financial Group, a network of financial professionals backed by Genstar Capital Partners, has bought the retail wealth business of Securian Financial Group Inc.

Under the agreement, Cetera will acquire certain assets related to Securian Financial Services Inc., Securian Financial’s broker-dealer, registered investment advisor and insurance agency, as well as the equity of Securian Trust Company NA. Over 1,000 financial professionals across 30 independent firms representing $47.4 billion in assets under administration and $24.8 billion in assets under management will be integrated as a distinct community, branded as Cetera Wealth Management Group, within the Cetera Advisor Networks community.

“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,” comments Chris Hilger, Securian Financial’s chairman, president and CEO.

Morgan Stanley and UBS Investment Bank are acting as financial advisors and Willkie Farr & Gallagher LLP is acting as legal advisor to Cetera. Goldman Sachs & Co. LLC is acting as financial advisor and Eversheds Sutherland is acting as legal advisor to Securian Financial. UBS Investment Bank is serving as the left arranger for the financing.