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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

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Cetera Financial to acquire Genworth’s broker-dealer subsidiary

Posted by RJ and Makay on Jan 11, 2012

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mergers and acquisitions Cetera Financial Group has announced that it plans to acquire Genworth Financial Investment Services (GFIS) for $78.5 billion plus a one-year payout provision. The broker-dealer subsidiary of insurer Genworth Financial has $13 billion in assets under management (AUM). The deal is expected to close in 90 days and will bring 2,000 reps and advisors that specialize in tax and accounting areas in providing financial advisory services.