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. These entities are poised to see the money they are lending Cetera turn into equity. This news...