People inside and outside the company say word of the new chairman has already given a lift to morale of advisers.
CEO Ron Kruszewski had indicated in November that the B-D's lower margins were dragging down the wealth management group.
CEO Ronald Kruszewski says brokerage “took advantage of the decline in equity markets.”
The $247 million deal could be good for Mr. Schorsch and partners, but shareholders may not profit as much.
While terms were not released, the price tag could be as much as $70 million, according to one industry executive.
Company founded by one-time real estate mogul Nicholas Schorsch announces $3 million settlement with Massachusetts Securities Division and said it will lay off nearly 150 employees.
Cetera CEO Larry Roth says the company is shedding the RCS Capital name, officially putting the Nicholas Schorsch era behind it.
CEO Larry Roth acknowledges that the company has been looking at senior management structure.
The company remains mum about reports that Mr. Roth has been replaced by chairman Robert Moore as CEO. <i>Plus: <a href="//www.investmentnews.com/article/20160815/BLOG09/160819961/key-principles-to-guide-corporate-governance-procedures-for-the-ibd"" target=""_blank"" rel="noopener noreferrer"> Mr. Roth and Mr. Moore discuss the principles they developed for Cetera's board</a></i>
Coming off a gloomy 2015 of weak revenue growth, the forecast for this year is for more of the same.
