broker dealer Tag

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

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.

LPL Puts Morrissey In Charge Of Recruiting In Shuffle

January 7, 2015

by Dan Jamieson, Financial Advisor

In a management shuffle, LPL Financial will be putting managing director Bill Morrissey in charge of recruiting for all of the firm’s channels, and Andy Kalbaugh, also a managing director, will be in charge of advisor consulting services for the entire firm.

The changes are set to take effect January 11, said LPL spokesman Peter Gilchrist.

Morrissey, based in San Diego, is currently responsible for both recruiting and consulting services for LPL’s independent broker-dealers.

Kalbaugh, based in Charlotte, N.C., has had the same role for the firm’s hybrid channel and institutional unit, which services banks and credit unions.

The move will better fit the talents of both executives,