NEW YORK, July 11, 2014 /PRNewswire/ -- RCS Capital
Corporation ("RCAP") (NYSE: RCAP), announced today that it
has closed its previously announced acquisition of Investors
Capital Holdings, Ltd. ("ICH") (NYSE MKT: ICH), an independent
broker-dealer headquartered in Lynnfield, Massachusetts.
ICH is a financial services holding company that operates
primarily through its wholly-owned broker-dealer and registered
investment advisor subsidiary, Investors Capital Corporation.
With approximately 450 registered representatives in over 350
branches nationwide, ICH provides independent broker-dealer
services and investment advisory services. ICH will continue
to operate under its existing management team and brands as part of
the RCAP retail advice platform.
"We are pleased to add another leading brand within the
independent financial advisory industry to the RCAP family of
companies," said Michael Weil,
President of RCAP. "With this acquisition, we further expand
our footprint and increase the scope and scale of RCAP's integrated
retail investor brokerage and advisory services businesses. ICH's
independent broker-dealer and investment advisory services are
complementary to our existing platform, and we very much look
forward to providing additional value-added products and services
to all of our retail clients."
Tim Murphy, President and Chief
Executive Officer of ICH, added, "We are delighted to be joining
the RCAP team and are excited by the opportunity to provide our
customers with an expanded and fully integrated suite of
high-quality services. As a member of RCAP's family, we will
be even better positioned to provide premier services and support
to our valued registered representatives."
About RCAP
RCAP is an investment firm expressly focused on the retail
investor. RCAP is engaged in the wholesale distribution, investment
banking and capital markets businesses, and a research business
focused on alternative investments. Following the closing of recent
acquisitions of independent broker-dealers and an investment
manager, RCAP is also engaged in the independent retail advice and
investment management businesses. RCAP's business is designed to
capitalize, support, grow and manage direct investment and
alternative investment programs, and to serve independent financial
advisors and their clients. Additional information about RCAP can
be found on its website at www.rcscapital.com. RCAP may disseminate
information about itself, including the results of its operations
and financial information, via social media platforms such as
Facebook, LinkedIn and Twitter.
Important Notice
The statement in this press release include statements regarding
the intent, belief or current expectations of RCAP and members of
our management team, as well as the assumptions on which such
statements are based, and generally are identified by the use of
words such as "may," "will," "seeks," "anticipates," "believes,"
"estimates," "expects," "plans," "intends," "should," "look
forward" or similar expressions. Actual results may differ
materially from those contemplated by such forward-looking
statements due to certain factors, including our ability to
consummate our pending acquisitions of businesses other than
Cetera. Additional factors that may affect future results are
contained in RCAP's filings with the SEC, which are available at
the SEC's website at www.sec.gov. Further, forward-looking
statements speak only as of the date they are made, and we
undertake no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time, unless required by law.
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SOURCE RCS Capital Corporation