Now that RCS Capital Corp. has sold its wholesaling business, the cost-cutting can begin in earnest at the 11 broker-dealers with 9,500 advisers who make up its Cetera Financial Group, led by CEO Larry Roth.
Private-equity giant Apollo Management has agreed to pay $25 million for the wholesaling business of broker-dealer holding company RCS Capital (RCAP). In a separate deal, the company's largest shareholder, Nicholas Schorsch, and his partners will receive a huge payday in return for a stake in a new asset management firm that holds the business of ARC.
$909 million raised is almost as much as the $1.04 billion the firm raised all of last year.
As spreads tighten, turning attention to lodging, self-storage and Europe.
Wells Fargo & Co. and Credit Suisse have struck a deal for Wells to recruit close to 250 advisers currently under the roof of Credit Suisse's U.S. private bank.
Internet company Blucora pays whopping premium to align the independent broker-dealer with one of its current businesses, TaxACT.
One securities analyst says the brokerag firm, with its rich capital reserves, could be attractive to an investor seeking to boost shareholder value.
Massachusetts' top regulatory cop accuses the company of allowing unregistered advisers to make trades through its broker-dealer platform.
Revenue from transactions decreased 28.5%, as skittish investors stayed away from the market.
Exchange warning on share price comes as Massachusetts securities cop Galvin <a href="//www.investmentnews.com/article/20151112/FREE/151119971/massachusetts-galvin-charges-realty-capital-securities-with-proxy"" target=""_blank"" rel="noopener noreferrer">charges its wholesale brokerage, Realty Capital Securities, with proxy fraud</a>.
