RCS Capital Corporation (RCAP) has agreed to acquire VSR Group and its wholly-owned subsidiary, VSR Financial Services.
The transaction is anticipated to close in late 2014 or early 2015, subject to regulatory approvals.
The acquisition will expand RCAP’s retail advice platform and will boost its revenue streams.
The deal is expected to generate $112 million revenues in 2015.
Following the agreement, VSR will join the other firms that constitute RCAP’s independent retail advice platform known as Cetera Financial Group.
Michael Weil, president of RCAP, said: "This transaction underscores our commitment to expanding the scope and depth of our financial services platform by acquiring top-tier independent broker-dealer platforms."
J. Michael Stanfield, CEO of VSR, said: "We anticipate that the combined capabilities of RCAP and VSR will significantly strengthen our position in the industry and allow us to provide a higher level of service, support and broader suite of products to our retail customers."
Based in Kansas, VSR has over $12.3 billion of assets under administration and 264 independent financial advisors.