RCS Capital has completed its previously announced takeover of the Cetera Financial Group, an independent broker-dealer in the US, from affiliates of Lightyear Capital for US$1.15 billion in cash.
Post-transaction, RCS Capital has emerged as the second largest independent financial advisor network in the US, adding nearly 6,632 financial advisors to its retail financial advisory platform.
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The company said that the transaction is a part of its strategy to offer customized financial services that help investors achieve their overall investment and retirement goals through access to a full spectrum of advice, service, credit products and innovative investment solutions.
RCAP executive chairman Nicholas Schorsch said, "We are pleased to complete this game changing transaction well ahead of schedule."
"Cetera will become the centerpiece of our financial services strategy to construct and operate the best independent financial retail advice platform in the industry, and act as the hub of our integrated broker-dealer strategy."
"With the addition of Cetera, we will not only dramatically expand our national footprint, but we shall be in a position to furnish the best financial advice to our clients through one of the largest customized advisor platforms in the country."
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By GlobalDataIn connection with the transaction, the company has appointed Valerie Brown, CEO of Cetera Financial Group, as the new head of RCAP’s new retail advice platform.
The RCAP’s new retail advice platform comprises Cetera and First Allied Securities, as well as Investors Capital, Summit Brokerage Services and J P Turner & Company upon their respective close dates.
