First Allied Holdings Inc., a San Diego-based brokerage with a network of some 1,500 independent financial advisers in 500 branches across the nation, said it was acquired by RCAP Holdings LLC, a New York-based firm that has brokerage and investment bank operations.
Terms of the transaction were not disclosed.
First Allied manages more than $32 billion in assets for 300,000 clients. Last year, the firm acquired Florida’s The Legend Group, a deal that added about $6 billion in assets under management to its network.
RCAP and its family of companies currently have about $10 billion in assets under management.
Adam Antoniades, First Allied’s CEO, said RCAP Holdings’ significant financial support gives the firm the ability to accelerate implementation of key initiatives, including substantial investments in technology, increasing its professional and support staff, expanding its retirement investment platforms and enhancing adviser marketing and lead generation programs.
First Allied’s senior management and other employee shareholders have committed to $10 million in going-forward equity in the RCAP Holdings family of companies, the companies said.
— SDBJ Staff Report