REIT sponsor controlled by Nicholas Schorsch has its first liquidity event of the year, selling shares of Global Net Lease Inc. on the New York Stock Exchange.
Top managers from First Allied and J.P. Turner have left the sprawling Cetera Financial Group broker-dealer network, with 9,600 registered reps and financial advisers. Whether the exits are part of a broader reorganization is unclear.
Chief executive Mark Casady says the firm has "couple things left to go" before enforcement actions resolved.
Dan Arnold, LPL's president, says the firm plans to launch a robo that won't replace its financial advisers but will "gain a certain amount of the market."
Long treated with kid gloves, big producers now face questions about alleged violations.
Brokerage giant is expanding its lineup of proprietary mutual funds for its 12,000 brokers and financial advisers a year and a half after the firm launched its first fund.
Legacy Wealth includes two partners who formerly worked at Gibralter Private Bank and Trust of Coral Gables, Fla.
The ongoing woes of Cetera's parent company, RCS Capital and inflated sale prices expected to deter deals among independent broker-dealers. </br><b><i>(Plus: <a href="//www.investmentnews.com/section/specialreport/20150118/IBDREPORT2015"" target=""_blank"" rel="noopener noreferrer">Don't miss our full 2015 Top IBD special report</a>)</b></i>
Director William Kahane, founding partner of Nicholas Schorsch's AR Capital, remains on the board.
Says New York REIT has too much executive and board overlap with AR Capital.
