RCS Capital Corporation (RCAP), a US-based investment firm, has signed an agreement to acquire independent broker-dealer Girard Securities.
The acquisition will boost RCAP’s assets under administration by $10 billion as well as add 250 financial advisors to its network.
Additionally, the acquisition will expand RCAP’s retail advice platform to more than 9,700 advisors together with the acquisition of VSR Group.
Subject to regulatory approvals and customary closing conditions, the deal is expected to complete in late 2014 or early 2015.
Girard will continue to operate under current management and the Girard brand upon completion of the deal.
Following the acquisition, RCAP Girard will join other firms of RCAP’s independent retail advice platform known as Cetera Financial Group, which includes Cetera Advisors, Cetera Advisor Networks, Cetera Financial Institutions, Cetera Financial Specialists, First Allied Securities, The Legend Group, Investors Capital Corporation, J.P. Turner & Company, Summit Financial Services Group, and VSR Group.
Michael Weil, president of RCAP, said: "This transaction, coupled with our recently announced agreement to acquire VSR Group, further demonstrates our commitment to capitalize on external growth opportunities in order to further strengthen RCAP’s leading platform.
Susie Woltman Tietjen, chairman of the board of directors and CEO of Girard, said: "This transaction will allow Girard to leverage the resources of what we believe to be one of the industry’s fastest growing and most innovative firms. Moreover, we expect this union will result in the realization of our shared vision of providing greater opportunities for our advisors and a more diverse service offering to their retail clients."
Girard offers a broad range of high quality securities brokerage and investment services primarily to individual investors.