In the News

Schorsch Snaps Up J.P. Turner as Buying Spree Continues

19:46 19 January in In the News by rafferty

January 14, 2014 by Janet Levaux, ThinkAdvisor But being both a broker-dealer and a product distributor can be a ‘hot potato,’ says one industry expert Billionaire Nicholas Schorsch and other managers at RCS Capital Corp. (RCAP) know how to get mergers and acquisitions done before the long Martin Luther King Day weekend. The group announced plans to buy the independent broker-dealer J.P. Turner of Atlanta for $27 million, one day after reporting plans to buy Cetera Financial Group for $1.15 billion. J.P. Turner has about 400 financial advisors and 50 insurance agents, according to the latest Investment Advisor survey, vs. 6,600 advisors at Cetera. The deal “represents another important step in realizing RCAP’s strategic vision to become the leading financial-services firm focused on the direct-investment sector,” Schorsch, who is executive chairman of RCAP, said in the...

Southwest Securities could be sold to big shareholder

23:04 10 January in In the News by rafferty

By Bruce Kelly January 10, 2014 Investment News Parent company SWS Group receives $7-a-share offer from Hilltop Holdings SWS Group Inc., the parent company of Southwest Securities Inc., on Friday confirmed that its board had received a takeover bid from one of its biggest investors, Hilltop Holdings Inc. Hilltop, which owns a bank, a mortgage lender and another financial services firm, First Southwest Co., already owns 24% of SWS common stock. Its offer is to acquire the remaining outstanding shares of SWS that it doesn't already own for $7 a share, a 16% premium over the stock's closing price on Thursday. “Consistent with its fiduciary duties and in consultation with its financial and legal advisers, SWS Group's board of directors will review the proposal to determine the course of action that it believes is in...

Schorsch’s Realty Cap to Buy Summit Financial for $49 Million

21:30 18 November in In the News by rafferty

November 18, 2013 by Janet Levaux, ThinkAdvisor The latest deal comes 'out of the blue'; could add another 300 advisors to the billionaire's growing network of IBDs Broker-dealer experts have wondered which deal real estate investor Nicholas Schorsch and RCS Capital Corp. (RCAP) were likely to add to the “done” list in the final months of 2013, and Schorsch answered that question early Monday: Summit Financial Services Group (SMMF) for $49 million. When asked why RCAP has grabbed up Summit and Investor's Cap, "The reasons are fairly simple," Schorsch said in an interview with ThinkAdvisor. "They're both terrific companies, and both are public ...