Cambridge Investment Research Inc. has reeled in a large group of advisers, the Nettuno Group, that was formerly registered with FSC Securities Corp., one of the broker-dealers in the Advisor Group network.
The Nettuno Group, which is based in Milton, Ga., and in the Atlanta area, has more than 60 advisers nationally with $2.5 billion in assets, according to Cambridge spokeswoman Cindy Schauss.
The Nettuno Group generates $22 million of revenue annually, making it a huge office for an independent broker-dealer.
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It was the second such recent loss of a big team of advisers with $1 billion or more in assets for FSC Securities. At the start of the month, Financial Solutions Group of Alexandria, La., with $1 billion in assets and about 10 financial advisers, left FSC and moved its advisers' registration to LPL Financial.
"We've always had positive relationships at FSC and Advisor Group that grew out of a 16-year history together," Anthony Nettuno, an adviser in the organization, wrote in an email to InvestmentNews.
"About 12 months ago, we began a long and intense project with the goal to best position our firm in the industry. We had a secondary aim to address specific succession planning considerations," Mr. Nettuno said. "We are excited to move forward with our new partner and build on the success that we have achieved over the last 25 years."
"We are pleased the Nettuno Group chose Cambridge from the numerous options they had," Ms. Schauss said in an email.
"We wish this group all the best, and we appreciate both the unique succession planning needs that drove this decision, as well as their consistent positive feedback about Advisor Group and its future," said Joseph Kuo, a spokesman for Advisor Group.
Advisor Group has gone through some changes recently.
In May, Advisor Group said private-equity manager Reverence Capital Partners agreed to acquire 75% of the broker-dealer network from Lightyear Capital, PSP Investments and other investors.
The three other broker-dealers in the Advisor Group network are SagePoint Financial, Royal Alliance Associates Inc. and Woodbury Financial. Combined, the Advisor Group broker-dealers produced $1.7 billion in total revenue last year.