Cambridge Investment Research bags mid-sized broker-dealer
August 20, 2018 By Bruce Kelly, Investment News Broker Dealer Financial Services, an IBD with 150 reps and advisers, and $3.5 billion in assets, will become a Cambridge OSJ The consolidation of the brokerage industry continues, and in the latest deal Cambridge Investment Research Inc., one of the largest independent contractor firms, said on Monday it had acquired Broker Dealer Financial Services Corp., a mid-sized firm with about 150 reps and advisers, $3.5 billion in assets and $20 million in annual revenues. Broker Dealer Financial Services, or BDFS, will become an enterprise branch, called a "super OSJ" for office of supervisory jurisdiction, of Cambridge, according to a letter sent Monday to Cambridge's 3,956 reps and advisers from the firm's senior management. Both firms are based in Iowa. Terms of the deal were not disclosed. Independent brokers...