South Carolina-based diversified financial services firm Modern Capital has agreed to buy broker-dealer Western Equity Group.
Through the takeover, Modern intends to extend its reach into retail and institutional trading. The deal is also said to offer the acquirer a capital markets desk.
Financial terms of the transaction were not revealed. The business to be acquired is registered by the SEC and a FINRA member.
Upon deal completion, the acquired entity will operate under the brand Modern Capital Securities.
Modern will retain all of Western Equity Group employees as part of the deal.
The deal currently awaits regulatory nod by FINRA.
Besides, Modern plans to take over some operations of indirect affiliate Liberty Partners in Q1 2020. These businesses will also adopt the Modern brand.
Modern CEO Brad Atkins said: “Western has proven itself to be a firm run with consistency and integrity since its inception and we believe the resources Modern brings will facilitate substantial growth.”
Meanwhile, Modern Capital has named Dan Shanahan as its executive vice president of Operations and Talent.
Shanahan, with a two-decade-long financial career, assumes the new responsibility immediately.
He joins from Massachusetts Mutual North Carolina, where he was the general agent.
“Having worked with Mr. Shanahan previously, he is a proven leader with an unparalleled ability to consult and develop representatives to enhance their operational efficiencies and drive outstanding results,” Atkins stated.