GE Financial Assurance announced today that it will acquire Centurion Capital Group, a private asset management company in Sherman Oaks, Calif. Centurion, which specializes in separate account wrap programs, has $1.9 billion in assets under management.
Centurion is ranked fifth in terms of third party mutual fund and separate account wrap distribution, according to GE. The company also provides money manager screening and monitoring, pre-determined asset allocation strategies, and record keeping and client services through a dedicated trust company.
The acquisition adds to GEs move into the third party mutual fund and separate account wrap market for independent fee-based advisors. GE will keep Centurion in tact in terms of operations and staff, a company spokesperson said. The details of the transaction were not disclosed.