Adam Antoniades, who has served as CEO of Cetera Monetary Group since December 2019, will retire from his function on the impartial dealer/seller community on the finish of this yr, the corporate confirmed. Mike Durbin, CEO of Cetera’s father or mother firm, will assume Antoniades’ place. Antoniades, 59, will proceed to serve on Cetera’s board of administrators.
WealthManagement.com was the first to report that Antoniades was to depart the corporate. Sources mentioned on the time that former Constancy govt Durbin would take management of the agency after a recapitalization with non-public fairness proprietor Genstar.
Sources confirmed the agency’s board needed a strategic chief and having a CEO of the holding firm, in addition to one overseeing the mixed dealer/sellers, didn’t make sense. On the time, Durbin and Antoniades each denied there have been any plans for Antoniades to depart.
“There are numerous chapters in each distinctive group,” Antoniades mentioned in a press release. “I’m proud to have served as each a turnaround and enlargement CEO, guiding the corporate by means of essential phases of progress and transformation. Mike is a confirmed chief who will information the following chapter, driving the corporate ahead into even better alternatives for accelerated progress and success.”
In October 2023, Cetera’s non-public fairness proprietor Genstar reinvested recent capital into the dealer/seller community from two of its latest funds, Fund XI and Fund X.
When then-CEO RJ Moore stepped down from his function in February 2019, the agency appointed Ben Brigeman, nonexecutive chairman of the board of administrators, as interim CEO. The board then looked for a brand new CEO for eight months earlier than lastly selling Antoniades, president on the time, to the place.
Antoniades served as president of Cetera from 2014 to 2019. Previous to that, he co-founded First Allied Securities in 1994, a dealer/seller that was acquired by Cetera, and served as its president and CEO for the higher a part of 20 years.
“These 35 years have been extremely rewarding,” he mentioned in a press release. “I would not change any of it. Nevertheless, now could be the proper time to give attention to a distinct a part of my life, particularly my household and pals.”
Beneath his management, the agency has grown to about 12,000 advisors, greater than $521 billion in property underneath administration and $224 billion in property underneath administration, as of June 2024.
