RCS Capital closes J.P. Turner, Summit Financial deals

Nicholas Schorsch's network of independent broker-dealers closing in on nearly 9,000 reps

Jun 13, 2014 @ 11:09 am

By Bruce Kelly

RCS Capital Corp. said Friday it had completed its acquisition of independent broker-dealer J.P. Turner & Co., two days after announcing it had completed its acquisition of Summit Financial Group Inc., another independent broker-dealer.

Combined, the two firms had 647 affiliated registered representatives and advisers and $165.2 million in total revenue in 2013. RCS Capital Corp., known by its ticker symbol RCAP, had its initial public offering last year and then immediately went on an acquisition tear. It acquired First Allied Holdings Inc. in September and Cetera Financial Group in April.

When it completes the acquisition of another independent broker-dealer, Investors Capital Holdings Ltd., the RCAP network of independent broker-dealers will be home to close to 9,000 reps and advisers, and firms that generated $1.7 billion in revenues in 2013.

Last November, RCAP said it was paying $49 million in cash and stock for Summit Financial. In January, RCAP said it was acquiring J.P. Turner for $27 million in cash and stock.

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