Securities America, a subsidiary of Ladenburg Thalmann Financial Services, has completed the acquisition of US-based Dalton Strategic Investment Services for an undisclosed sum.
As part of the acquisition, Dalton will become a super branch of Securities America with 60 advisors, US$950 million in assets and US$7million in gross dealer concession.
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Additionally, Steve Dalton founder of Dalton Strategic Investment Services along with his its advisors, who collectively generate about US$7 million in annual revenue have moved to Securities America.
Following the deal, Steve Dalton expects to close down Dalton operations.
Jim Nagengast, CEO and president, Securities America, said: "We welcome the advisors from Dalton Strategic Investment Services and look forward to helping them grow through our expertise in advisory business, retirement income planning, practice management and technology."
Dalton said: "We evaluated 10 other broker-dealers before choosing Securities America as the right partner for our future success. The cultural fit, technology and practice management support Securities America provides will help us grow our business and develop our advisors, and serve as a strong value proposition for recruiting additional advisors."
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