High-profile real estate investor Nick Schorsch moves to the sidelines of the net-lease business with a $2.3 billion bang. Bruce Kelly has the story.
Once the dominant player in nontraded REITS, firm picks new chief for new perspective.
Last year's roaring stock market helped IBD bellwether LPL Financial post record results. The company expects commission revenue from sales of alternative investments such as nontraded REITs to dip from the elevated levels of 2013 but remain solid.
Nicholas Schorsch finally got his prize Wednesday when American Realty Capital Properties Inc. said it had acquired rival Cole Real Estate Investments Inc. in a deal valued at $11.2 billion.
Competition for deals increases as more buyers are chasing fewer sellers across the independent broker-dealer space.
After more than 25 years at the firm, Chet Helck, CEO of Raymond James private-client group, says he's ready to step down. But the executive will remain as a special senior adviser at the firm through the end of the year.
As the year comes to a close, it's evident that independent broker-dealers are racking up a bonanza from the sale of alternative investment products, namely nontraded REITs. Question is, have firms learned from past mistakes?
Multiple compliance problems at the clearing firm, which serves about 86 correspondent broker-dealers, has led to an agreement to pay a $1M fine as part of a settlement with Finra.
After pulling back from the hot nontraded-REIT market this year, former REIT kingpin Leo Wells is closing his broker-dealer as the industry continues to shrink. Bruce Kelly has the story.
Real estate investor is joining forces with Chesapeake Energy's former CEO to raise up to $2B.
