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Author: rafferty

New owner of AIG Advisor Group may be announced Tuesday

01:17 26 January in In the News by rafferty

January 25, 2016

by Christine Idzelis, Investment News

 

Call set for 8 a.m. for parent company to discuss plan to sell off some non-core businesses

Brokers at AIG’s Advisor Group may find out as early as Tuesday morning who the new owner of the adviser network will be.

American International Group Inc. has scheduled a call for 8 a.m. Tuesday to discuss its plan to sell off some of its non-core businesses. The firm has been under pressure from billionaire investor Carl Icahn to break itself up to unlock shareholder value.

Citing anonymous sources, the Wall Street Journal reported Sunday that AIG is nearing a deal to sell its broker-dealer business and named Lightyear Capital as a buyer.

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financial advisors

Embattled Advisors Get Relief From RCS Bankruptcy Plan

16:40 21 January in In the News by rafferty

January 19, 2015

by Dan Jamieson, Financial Advisor

 

RCS Capital Corp.’s bankruptcy filing sounds like a bad development, but it may actually provide some relief to its embattled advisors.

The $150 million capital infusion and reorganization plan, announced at the beginning of January, provides some light at the end of what has been a long, dark tunnel for the 9,500 reps who’ve been remarkably loyal since RCS Capital (RCAP) began unraveling in 2014 after an accounting scandal surfaced at an affiliated firm.

The new money will allow the struggling holding company to restructure its debt while it goes private, as well as fund a retention deal for advisors.

Cetera Financial Group, the large network of independent broker-dealers strung together by RCAP,

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ThinkAdvisor

RCS Capital Reveals Backers of Last Resort; Lightyear-AIG Deal Talk Grows

17:30 09 January in In the News by rafferty

January 8, 2015

by Janet Levaux, ThinkAdvisor

 

The role of private equity firms in the IBD industry seems to be on an upswing

RCS Capital (RCAP) has shared more details on how it is restructuring itself and enabling the Cetera Financial Group of independent broker-dealers to become a separate entity.

Meanwhile, speculation continues as to what will happen to the AIG Advisor Group, with at least one recruiter saying some registered reps have been told it is poised to be sold to Lightyear Capital, Cetera’s previous owner.

In regulatory filings on Wednesday, RCS Capital explains that private-equity firms Carlyle Investment Management and Fortress Investment Group, along with asset manager Eaton Vance Management, are letting the company forgo debt payments.

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