Ladenburg Thalmann broker-dealer Securities Service Network adds $430M firm

Securities Service Network, a Knoxville, Tenn.-based broker-dealer that was acquired by Ladenburg Thalmann Financial Services Inc. in January, is doing some building out of its own. The company, known as SSN, picked up a $430 million retirement planning firm, The Horizons Group, in Rochester, N.Y., this month, according to a news release. The Horizon Group was previously affiliated with Cadaret, Grant & Co., Inc., according to its website. Horizon Group will operate under SSN's broker-dealer and corporate registered investment adviser. The Horizon Group, which was founded in 1993, has three advisers providing tax, investment and distribution planning for around 600 accounts, according to the release. The firm grew by focusing on retirement and benefits packages for large local employers, including Xerox Corp. and Eastman Kodak Co., according to the statement. SSN has a total of around 450 advisers with $13 billion in assets under management. It generated $113 million in annual revenue in 2014, according to InvestmentNews' broker-dealer database. Ladenburg Thalmann, a network of broker-dealers with around 4,000 advisers and $125 billion in assets, paid $45 million for SSN.