Thu, 01/05/2014 - 06:10
RCS Capital Corporation (RCAP) has closed its acquisition of the Cetera Financial Group, an independent broker-dealer, from affiliates of Lightyear Capital for USD1.15 billion in cash.
The transaction creates the second largest independent financial advisor network in the US adding some 6,632 financial advisors to RCAP's growing retail financial advisory platform.
The deal supports the company's vision of providing customised financial solutions that help investors achieve their overall investment and retirement goals through access to a full spectrum of advice, service, credit products and innovative investment solutions.
"We are pleased to complete this game changing transaction well ahead of schedule," says Nicholas S Schorsch, executive chairman of RCAP. "Working with Don Marron and the Lightyear Capital management team has been a smooth and efficient process, and we appreciate their professionalism and commitment to getting the deal done in a timely manner. We look forward to continuing to work with the exceptional senior management team at Cetera building upon the success and strong track record they have achieved.”
Valerie Brown (pictured), CEO of Cetera Financial Group, has been named head of RCAP's new retail advice platform, which will consist of Cetera and First Allied Securities, as well as Investors Capital, Summit Brokerage Services and JP Turner & Company upon their respective close dates. All of these will be operated as independent operating subsidiaries under separate brands and management, but with shared back-office and support systems.
Brown says: "We are excited to join forces with RCS Capital and to reinforce Cetera's longstanding focus on providing a world-class platform for financial advisors and the clients they serve. Now, as the cornerstone of the industry's second largest network of independent advisors, we look forward to working closely with our new parent company to execute on our shared vision and commitment to the delivery of best-in-class financial advice."
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