Schorsch's RCS Capital closes Cetera Financial Group acquisition

RCS Capital Corp. on Tuesday said it had closed its previously announced $1.15 billion acquisition of Cetera Financial Group, which contains four distinct broker-dealers that house about 6,600 registered reps and investment advisers. RCS Capital, known by its ticker symbol RCAP, said previously that the Financial Industry Regulatory Authority Inc. had approved the merger. (See also: RCS Capital gets regulatory clearance for Cetera Financial deal) RCAP and related companies, along with executive chairman of the board Nicholas Schorsch, have spent the better part of the past year on five deals for nine separate broker-dealers that together house 8,900 reps and advisers. The four broker-dealers underneath the Cetera brand are the most prominent so far. In total, the broker-dealers generated $1.7 billion in revenue last year and had $202 billion in assets under administration. “We are pleased to complete this game-changing transaction well ahead of schedule,” Mr. Schorsch said in a statement. “Working with Don Marron and the Lightyear Capital management team has been a smooth and efficient process, and we appreciate their professionalism and commitment to getting the deal done in a timely manner.”