B. Riley Financial, Inc., a Los Angeles-based diversified financial services firm, has agreed to acquire the remaining 55% of New York-based National Holdings Corp., an investment banking and asset management firm, that it didn’t own already.
National’s largest subsidiary, National Securities, founded in 1947, operates primarily through independent registered representatives. National had 733 registered representatives managing $18.9 billion in client assets. It reported revenues of $229.9 million for its fiscal 2020, ending September 30, 2020.
In 2018, B. Riley Financial announced it was purchasing a stake of about 49% in National Holdings from Fortress Biotech Inc., which had acquired a 56% stake in the brokerage in 2016.
B. Riley Wealth Management includes over 170 registered representatives managing over $10 billion in client assets. In a release, the company said that combining with National’s network of registered representatives provides additional retail distribution opportunities for its B. Riley Securities affiliate, an investment bank serving small- and mid-cap companies. Other subsidiaries include B. Riley Advisory Services, formerly known as GlassRatner and Great American Appraisal, and B. Riley Retail Solutions, formerly known as Great American Group.
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