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In the News

Will Cetera Be Sold in a Fire Sale?

02:40 21 October in In the News by rafferty

October 20, 2015

By Janet Levaux, ThinkAdvisor

Industry experts debate what’s behind the reports that RCAP might sell Cetera for as little as $700 million

The news regarding RCS Capital (RCAP), owner of the Cetera Financial Group of independent broker-dealers, is not getting better. The question that many industry watchers have is: How much worse will it get?

It shares trade near $1.15, down sharply from about $4.25 in early August and way off its two-year high of about $39.50. The firm’s market capitalization stands at under $100 million.

While Bloomberg News reported on Monday that RCAP might sell Cetera for as little as $700 million, though, an equity analyst following the company says that figure is simply too low.

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ThinkAdvisor

Indie HD Vest Bought by Blucora, Maker of TaxACT, for $580M

23:48 14 October in In the News by rafferty

October 14, 2015

By Janet Levaux, ThinkAdvisor

 

The tax-software firm hopes to boost business by aligning with the indie broker-dealer, which has about 4,500 reps

HD Vest, which has about 4,500 affiliated independent-contractor advisors, is being sold to Blucora (BCOR), the company formerly called InfoSpace and maker of the TaxACT tax-preparation software, for about $580 million. The deal is expected to close either late this year or early next year.

For the past four years, HD Vest has been owned by an private equity investor group led by Parthenon Capital Partners; the group includes Lovell Minnick Partners and Fisher Lynch.

“Part of the reason they wanted to partner with HD has to do with unlocking the value of their 5.5 million customers who do tax returns with TaxACT each year,” said HD Vest President and CEO Roger Ochs in an interview with ThinkAdvisor.

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Tax Prep Software Firm Blucora Buys HD Vest for $580 Million

16:44 14 October in In the News by rafferty

October 14, 2015

By Megan Leonhart, WealthManagement.com

 

The owner of tax preparation software TaxACT on Wednesday agreed to purchase tax-centric broker/dealer HD Vest Financial Services for $580 million.

Under the terms of the agreement, BluCora will acquire the parent company of privately-held HD Vest. Previously, the Irving, Texas-based broker/dealer—which has 4,500 advisors who manage $36 billion in client assets—was owned by an investor group led by Parthenon Capital Partners and includes Lovell Minnick Partners and Fisher Lynch.

HD Vest will continue to operate as a stand-alone entity under its current brand, with Roger Ochs, president and CEO of the firm, maintaining his current role.

“With Blucora, we have found a partner who recognizes the value-creating potential in our size,

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