Cetera announced today it has acquired MAGIS Financial Partners, a Horsham, Pa.-based financial services firm with more than $490 million in assets under management.
MAGIS, which operates a separate registered investment advisor and is already leveraging the Cetera platform for a portion of its business, will become a Cetera-owned group. It will transition its RIA business to Cetera while retaining its culture and benefiting from the resources and scale Cetera offers, according to the press release announcing the deal.
Financial terms of the transaction were not disclosed.
MAGIS, an RIA previously owned by a Genstar portfolio company, is led by Steven Zimmerman and primarily focuses on financial planning and holistic advice to more than 350 households. Genstar acquired Cetera in 2018.
Through its previous affiliation, the MAGIS team has been delivering holistic financial planning to investors through Cetera’s Advice-Centric Experience.
“We have long subscribed to Cetera’s proven growth methodology and have witnessed its benefits firsthand," Zimmerman said in a statement. "This, coupled with Cetera’s ability to meet the succession needs of our ownership group, simply aligns the interests of all stakeholders and frees us of the day-to-day burdens of managing an RIA.”
El Segundo, Calif.-based Cetera is a leading independent broker-dealer network with five separate IBDs in its network.