In the News

Is AIG Advisor Group the next big fish Schorsch wants to land?

17:33 27 May in In the News by rafferty

May 23, 2014by Bruce Kelly, Investment News   There are a lot of reasons why RCAP might be trolling for Larry Roth's old firm To build a network of 20,000 advisers, RCS Capital Corp. and Larry Roth, the newly anointed chief executive of its retail brokerage umbrella unit, Cetera Financial Group, are undoubtedly considering another big and bold move. Cetera will have about 9,800 registered reps and advisers under the roofs of its far-flung network, once a few pending deals close by the end of June. That rep headcount would put the Cetera network second in the industry, behind only LPL Financial, with 13,600 reps and advisers. Second place, however, isn't good enough for RCS Capital, known by its ticker RCAP, and its executive chairman, the hard-charging, nontraded real estate investment trust czar Nicholas Schorsch. Indeed, RCAP and Mr....

Cetera CEO Valerie Brown Steps Down; Larry Roth to Run RCAP’s IBD Group

16:46 13 May in In the News by rafferty

May 13, 2014 by Janet Levaux, ThinkAdvisor The moves come less than a year after Roth left the AIG-owned Advisor Group to join RCS Capital, which recently acquired Cetera Nicholas Schorsch and RCS Capital Corp. (RCAP) have reshuffled the leadership of the group’s advice platform and its roughly 9,000 independent reps. Larry Roth, who moved to RCS from the AIG-owned Advisor Group less than a year ago, will now be CEO of its independent broker-dealer operations, RCAP said early Tuesday. The IBD business incudes First Allied Securities and the four Cetera Financial Group broker/dealers, which have already been bought, in addition to Investors Capital, Summit Brokerage Services and J.P. Turner & Co., which are in the process of being acquired by RCAP. CEO Valerie Brown of Cetera Financial is leaving the company, RCAP says. "Over...

Sterne Agee Group in deal to acquire midsize independent broker-dealer WRP Investments

16:04 17 April in In the News by rafferty

April 10, 2014 By Bruce Kelly, Investment News B-D M&A rages on as Sterne Agee grabs WRP Broker-dealer mergers and acquisitions continue to sizzle as Sterne Agee Group Inc. Thursday is expected to announce the purchase of a midsize independent broker-dealer, WRP Investments Inc. David Pintaric, president and second-generation owner of WRP, confirmed the firm's sale, terms of which haven't been released, he said. “This is a marriage made in heaven,” Mr. Pintaric said. “Companies have been calling me for 11 years” to inquire about buying the firm, he said, but he waited until now. WRP has 350 affiliated registered representatives and advisers, and produced $48 million in gross revenue last year, Mr. Pintaric said. It is based in Youngstown, Ohio. Sterne Agee is based in Birmingham, Ala. “We are a family-oriented company,” Mr. Pintaric said. “Sterne Agee is just like...