RCS Capital Corporation, a financial services firm, agreed to acquire the investment distributor Validus Strategic Capital Partners (VSCP) advisor Strategic Capital Advisory Services (SCAS) in a bid to diversify RCS’ wholesale distribution portfolio.
The company has inked the purchase agreement with VSCP and VSCP’s outstanding holders, details of which were not disclosed.
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RCAP executive chairman Nicholas Schorsch said that the acquisition of Validus Strategic Capital Partners enables the company to further diversify RCAP’s wholesale distribution platform with more institutional quality investment products which are not sponsored by AR Capital.
"This acquisition is part of our overall vision to provide our growing retail investor base with multiple investment solutions through our family of leading investment vehicles," added Schorsch.
Following the acquisition, VSCP’s subsidiary SC Distributors and SCAS will be operated as a merged entity under the SC brand by the existing management as a part of RCS Capital’s portfolio including wholesale distribution brokerage and financial services companies.
Currently, SC distributes Carter Validus Mission Critical REIT, RREEF Property Trust, Sierra Income Corporation TriLinc Global Impact Fund and Greenbacker Renewable Energy Company.
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By GlobalDataRCAP CEO William Kahane said: "SC’s premier wholesale distribution platform and suite of services will provide RCAP with access to the highest quality financial managers and investment strategies.
Together with the upcoming closing of the Hatteras Funds, this transaction allows RCAP to distribute a broader complement of liquid and limited liquidity alternative investment options, all designed to address the needs of retail investors."
Awaiting approval from the concerned regulators, the closure of the agreement is anticipated in the third quarter of 2014.
