Cetera Financial Group Inc. added over 13 Billion US Dollars in assets

Lightyear Capital has raised more or less 3 billion US Dollars since it was incepted across its two funds. Lightyear closed on its first fund, in May 2002. The fund is known as the Lightyear Fund. It closed with 750 million US Dollars of investor commitments. The company finished fundraising for its second private equity fund in 2006, with 850 million US Dollars of commitments from over 40 shareholders.
Cetera Financial Group Inc., the brokerage backed by, Lightyear Capital, a private equity firm, has agreed to acquire two of the broker dealer’s owned by MetLife Inc., with under management of 25 billion US Dollars.
The insurer, who is currently based in New York, said in a statement that MetLife Inc., has now agreed to sell both Tower Square Securities and Walnut Street Securities, these companies together have more or less 850 advisers. The firm announced in a statement that when the deal is completed, El Segundo, based in Calafornia, will have over 130 billion US Dollars in customer assets.
Lightyear Capital, is a company that was founded by former Paine Webber Group Inc. Chief Executive Officer Donald Marron, who is 78 years old. It is among companies which are building brokerage businesses as they seek stable revenues from advising individual shareholders on their portfolios. The private-equity firm which is based in New York, established Cetera Financial Group Inc. more or less three years ago at the same time that it acquired the ING Advisor Network.
CEO Valerie Brown said in a phone interview that “Cetera Financial Group Inc., is a growth company, with private-equity backing, at some point there will be a liquidity event, but for now we’re focused on growing the company prudently.”
After building Paine Webber’s money-management business, Marron sold it in the year 2000 to UBS AG, based in Zurigh, for more than 10 billion US Dollars. He is currently the chairman of Lightyear Capital and Cetera Financial Group Inc.
Somewhere during last year, Cetera Financial Group Inc added more or less 13 billion US Dollars in assets when it acquired, Genworth Financial Investment Services Inc. This company has been making deals with banks, including Birmingham, Regions Financial Corp, which is based in Alabama, to place the company’s advisers in their network branches.
Eric Steigerwalt, the firm’s executive vice president, said in a statement that the current deal is allowing MetLife, which is the largest United States life insurer, to focus on its “core distribution relationships, including its affiliated broker-dealer organization.” New England Securities Corp. and MetLife Securities broker-dealers, is still owned by the insurer.
According to a statement, MetLife was advised by investment bank Sandler O’Neill & Partners LP and law firm Morgan Lewis & Bockius LLP.