Citigroup's Bill Katz questions report that RCAP was shopping Cetera for "fire sale" price
John Hancock Financial Network plans to acquire up to 1,100 advisers from Transamerica Financial Advisors Inc., representing roughly one-quarter of those currently affiliated with Transamerica.
Broker-dealer takes action after Massachusetts' securities regulator charged a related company with fraudulently rounding up proxy votes to support real estate deals sponsored by AR Capital.
Brokerage firm previously controlled by Nicholas Schorsch expects to have third-quarter loss due to impairment of goodwill and intangible assets.
The jewel of Nicholas Schorsch's empire is reportedly being shopped as RCS Capital, or RCAP, continues to struggle.
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.
