The indie B-D behemoth is facing more turnover at the top, this time among its team of investment management professionals.
RCS Capital has plenty of leverage as it negotiates with the clearing giant, but millions of dollars hang in the balance. <b><i>More: <a href="http://www.investmentnews.com/section/specialreport/20140810/CLEAR">The latest clearing and custody trends</a></b></i>
Star broker has moved to Wunderlich Securities following termination.
Burt White is sticking to his previous call that stocks will produce 10% gains in 2014, with room potentially to move slightly higher.
Nicholas Schorsch has returned to wheeling and dealing, with the broker-dealer he controls, RCS Capital Corp., announcing it has agreed to buy VSR Financial Services, an independent firm known for selling alternative investments.
In another liquidity event, Griffin-American Healthcare REIT II Inc. agrees to deal that includes stock, cash and debt.
Larry Roth's old firm might be the next target for Nick Schorsch's hard-charging broker-dealer, says senior columnist Bruce Kelly. <i><a href="//www.investmentnews.com/gallery/20140116/FREE/116009999/PH"" target=""_blank"" rel="noopener noreferrer">Plus: See the biggest recent indie B-D M&A deals</a></i>
Firm's head of retail, Robert Okin, resigned last week. On his BrokerCheck page, he says that he "intends to vigorously defend himself if charges are filed."
LPL Financial last month was hit with a $2 million fine, and ordered to pay $820,000 in restitution, for failing to maintain adequate books and records documenting variable annuity exchanges.
After getting broker-dealers like LPL Financial to sign selling agreements, asset manager Cole Capital expects to raise $3.1 billion this year for American Realty Capital Properties.
