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In the News

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Advisor Group Raises $500M in Debt for B/D Acquisitions

19:11 11 August in In the News by rafferty

August 10, 2022 By Diana Britton, WealthManagement.com Moody’s assigned a B2 rating to the notes and changed its outlook on the firm from stable to positive, saying the benefits of higher interest rates will offset the additional debt. Advisor Group announced plans last week to issue $475 million in senior secured notes to help fund its acquisitions of American Portfolios Financial Services and Infinex Financial Holdings, a broker/dealer that supports community-based banks and credit unions. “We are raising the funds in advance of closing both acquisitions,” said Jon Frojen, chief financial officer at Advisor Group, in an email. “We’re pleased that the offering was very successful in what has been a challenging market for issuers.” According to a BofA Securities document obtained by WealthManagement.com, the final offering was for $500 million in notes at an interest rate of 8.625%, due in 2027. BofA,...

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B/D Aggregator Wentworth to Go Public Via Kingswood SPAC

15:11 13 July in In the News by rafferty

July 8, 2022 By Diana Britton, WealthManagement.com The two will merge under newly created Binah Capital Group, which will have over 1,900 advisors and $25 billion in assets. Broker/dealer aggregator Wentworth Management Services has entered into an agreement to merge with Kingswood Acquisition Corp., a special purpose acquisition corporation sponsored by the major shareholders in British wealth management firm Kingswood Group and a sister company to Kingswood U.S., according to an announcement. The move would allow Wentworth, which owns four independent broker/dealers, to go public. The deal is expected to close in the fourth quarter. "This transaction underscores the importance for wealth management firms to align themselves with organizations that have truly global reach, resources and expertise to accelerate their continued growth and make the most of multiple opportunities that industry, market and economic trends are creating,”...

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Lead Broker-Dealer Seller of GWG Bonds Reports Potential Trouble

14:58 27 May in In the News by rafferty

May 23, 2022 By Bruce Kelly, Investment News In its annual audited financial statement, Emerson Equity reported that problems related to an unnamed offering potentially could harm the firm. The lead seller of the bonds of GWG Holdings Inc. recently revealed troublesome fallout from a product that failed, raising questions about the firm. In its annual audited financial statement filed with the Securities and Exchange Commission, Emerson Equity reported that problems related to an unnamed offering potentially could harm the firm. “In 2022, there was an offering that ceased distributions and redemptions and, as a result, this may have an adverse effect on the future financial condition or results of operations of the company,” according to Emerson’s 2021 financial statement, which was filed March 2 but was not posted on the SEC’s website until recently. Last month, GWG,...