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SOURCE RCAP Holdings, LLC
RCAP Holdings Substantially Increases its Presence in the Financial Services Sector with Acquisition of Best-in-Class Independent Retail Financial Services Organization
Existing First Allied Management Team to Remain Autonomous; RCAP Holdings to Provide Capital Commitment to Grow Business
NEW YORK and SAN DIEGO, Sept. 25, 2013 /PRNewswire/ -- RCAP Holdings, LLC ("RCAP Holdings"), a holding company managed by Nicholas Schorsch, William Kahane, Michael Weil, Peter Budko and Brian Block, completed its previously announced acquisition of all the outstanding equity interests of First Allied Holdings Inc. ("First Allied"), a premier independent retail financial services organization.
First Allied, including its Legend Group division, manages over $32 billion in assets across 300,000 clients, advised by 1,500 independent financial advisors, out of 500 branches in the United States. First Allied and its subsidiaries will continue to operate autonomously under their current management structure and respective brands as part of the RCAP Holdings' family of companies.
This transaction with RCAP Holdings provides significant financial resources to First Allied to make substantial investments in technology, add professionals and support personnel, expand its 401(k) and 403(b) platforms and enhance advisor marketing and lead generation programs. First Allied's core value proposition centers around driving advisor efficiency and productivity, which has resulted in the company being a perennial leader in average advisor production.
Nicholas S. Schorsch, CEO and Chairman of RCAP Holdings, commented, "The acquisition of First Allied achieves our longstanding goal to expand our footprint in the independent financial advisor segment of the financial services industry. The combination of RCAP Holdings and First Allied allows us to broaden our portfolio of financial companies to provide a fully integrated investment solution to the retail investor by delivering high quality investment solutions through the combination of both our wholesale broker-dealer and First Allied's extensive network of independent financial advisors. With over $10 billion of equity capital raised to date, RCAP Holdings continues to grow while closely adhering to our self-imposed best practices, namely: pay for performance; plain language reporting and full transparency; alignment of interests between investors and management; lower fees; routine valuations; and regular liquidity events."
Adam Antoniades, CEO and President of First Allied, said, "We are excited at the opportunities afforded to First Allied by this partnership. The capabilities that RCAP Holdings brings to the table position First Allied perfectly to be able to execute our vision to transform the independent financial advisor segment."
Michael Weil, member of RCAP Holdings, commented, "RCAP Holdings' financial strength and its management's proven track record as a distributor of investment solutions emphasizing durable income together with capital preservation, paired with First Allied's highly experienced management team, will allow First Allied to grow and innovate. We could not be more pleased with the transaction, which provides a versatile addition to our broker-dealer and securities businesses."
About RCAP Holdings
Based in New York, RCAP Holdings, LLC focuses on the retail direct investment industry and owns a direct majority economic interest in Realty Capital Securities, LLC, a FINRA registered wholesale broker-dealer and an investment banking and capital markets business, American National Stock Transfer, LLC, an SEC registered transfer agent, and RCS Advisory Services, LLC, a transaction management services business.
About First Allied Holdings
Headquartered in San Diego, First Allied Holdings Inc. operates an independent retail broker-dealer that serves as the firm of choice for independent financial advisors seeking to grow their businesses. First Allied's exclusive business development platform has been expertly constructed to provide entrepreneurial advisors with the industry's most comprehensive platform for growth. Dedicated to providing independent financial advisors with a competitive edge, First Allied empowers advisors to successfully compete and win the battle for high-net-worth and ultra-affluent clients. First Allied's subsidiary companies provide brokerage, investment advisory, asset management, insurance, retirement plan design, technology, training, and support services to financial advisors nationwide. First Allied's subsidiaries include The Legend Group, a specialized provider of investment and retirement solutions to the not-for-profit space, including 403(b) accounts. For more information about First Allied and The Legend Group, visit www.firstallied.com and www.legendgroup.com.
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