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RCS Capital Files for Bankruptcy; Cetera to Use $50M for Retention

18:21 02 February in In the News by rafferty

February 1, 2016 by Janet Levaux, ThinkAdvisor   The parent company of the Cetera Financial Group of independent broker-dealers, RCS Capital (RCAP), filed for bankruptcy protection in Delaware on Sunday as expected, and Cetera plans to spend some $50 million on programs to retain the roughly 9,000 independent advisors affiliated with its network of  broker-dealers who are eligible for such funding, court filings show. New York-based RCS Capital has close to $2 billion in assets and roughly $1.4 billion in debts, according to a Bloomberg report. The company’s unsecured creditors include Wilmington Savings Fund Society and Proskauer Rose LLP of New York. In early January, RCS Capital said it had obtained $150 million to restructure its finances from a group of key investors. Also, private equity firms Carlyle Investment Management and Fortress Investment Group, along with asset...

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What Will Lightyear Do With AIG Advisor Group?

17:42 02 February in In the News by rafferty

January 26, 2016 by Emily Zulz, ThinkAdvisor   In an acquisition like the purchase of AIG Advisor Group by Lightyear Capital and PSP Investments, there are usually two options, recruiter Jon Henschen says After weeks of speculation, Lightyear Capital has confirmed that it – along with one of Canada’s largest pension investment managers, the Public Sector Pension Investment Board – has agreed to acquire AIG Advisor Group. The transaction is subject to customary regulatory and other approvals, and terms of the transaction were not disclosed. As part of the deal, investment funds affiliated with Lightyear and PSP Investments will have the majority of the seats on Advisor Group’s Board of Directors. In a statement, Guthrie Stewart, senior vice president and global head of private investments at PSP Investments, said: “We are pleased with this transaction, which is in...

Fundfire a Financial Times Service

Wells Indie Channel Refines Recruiting Focus

20:58 01 February in In the News by rafferty

February 1, 2106 by Danielle Verbrigghe Wells Fargo’s independent brokerage division has boosted its advisor headcount, benefiting from a bevy of advisors recruited into existing practices through a new program and an uptick in recruiting wins from other indie brokerages. Wells Fargo Financial Network (FiNet) added a net 77 advisors and 26 new practices in 2015. Overall assets for the division rose slightly to $86.8 billion from $85.5 billion a year earlier. In total, FiNet had 1,323 advisors in 637 practices at the end of 2015, according to information from the firm. While FiNet continued to attract the bulk of its advisors from the wirehouse channel, it has also seen an uptick in the number of recruits joining from independent broker-dealers, says Alex David, managing director of branch development for FiNet. Historically, FiNet hadn’t recruited many...

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New owner of AIG Advisor Group may be announced Tuesday

01:17 26 January in In the News by rafferty

January 25, 2016 by Christine Idzelis, Investment News   Call set for 8 a.m. for parent company to discuss plan to sell off some non-core businesses Brokers at AIG's Advisor Group may find out as early as Tuesday morning who the new owner of the adviser network will be. American International Group Inc. has scheduled a call for 8 a.m. Tuesday to discuss its plan to sell off some of its non-core businesses. The firm has been under pressure from billionaire investor Carl Icahn to break itself up to unlock shareholder value. Citing anonymous sources, the Wall Street Journal reported Sunday that AIG is nearing a deal to sell its broker-dealer business and named Lightyear Capital as a buyer. AIG Advisor Group is a small piece of AIG's business that produces tens of millions of dollars in earnings annually, according to...