Author: rafferty

First Allied Has New Owner

19:15 16 July in In the News by rafferty

July 2013 Janet Levaux, Research Magazine A group led by real estate investor Nicholas Schorsch is acquiring independent broker-dealer First Allied Securities from Lovell Minnick Partners “because we believe in the alternative space,” Schorsch said, in an interview. “We looked at First Allied’s business specifically for what it offers RCAP Holdings, not for distribution of product,” he said. “We sell so much …, have a 51% market share and have raised probably $4 billion this year … we do not need more advisors selling our products.” Schorsch is chairman and CEO of RCAP Holdings, which owns Realty Capital Securities, a wholesale broker-dealer and affiliate of American Realty Capital Properties, as well as several other entities. “It’s the opposite thinking from the idea that we want more distribution. First Allied is not a top-10 distribution...

LPL’s hiring of general counsel not a knee-jerk reaction to scrutiny, CEO says

17:31 25 June in In the News by rafferty

June 20, 2013 by Mark Schoeff Jr., Investment News Less than a month after getting hit with the largest Finra fine ever, LPL taps a former SEC official LPL Financial LLC has had several recent run-ins with regulators, but that's not the reason it hired a former Securities and Exchange Commission official as its top legal officer, according to the company's chief executive. David Bergers, former acting deputy director of the SEC's Division of Enforcement, will take over Aug. 5 as general counsel and managing director for legal and government relations at the firm's holding company, LPL Financial Holdings Inc. “We're looking for the best talent we can find,” said LPL chairman and chief executive Mark Casady. “In this case, it was someone who was at the SEC recently.” As general counsel for LPL's holding company, Mr. Bergers, 45,...

What Does First Allied’s New Parent Company Look Like?

16:48 20 June in In the News by rafferty

June 12, 2013 by Diana Britton, WealthManagement.com While Nick Schorsch, head of First Allied’s new parent company, is known for his work in the non-traded REIT space, he’s got even bigger plans for private equity firm. What can reps expect? Most people in the industry know Nick Schorsch, CEO of RCAP Holdings, as the head of non-traded REIT sponsor American Realty Capital, which has 51 percent market share in real estate direct investment and $10 billion in capital. So it came as a surprise to many when Schorsch announced his plans to acquire independent broker/dealer First Allied this morning. “It’s very surprising that it’s that type of firm buying [First Allied],” said Ryan Shanks, CEO and founder of Finetooth Consulting. Why would Schorsch and his four partners make such a big leap into the IBD space? Quite simply, he...