Investors Capital shareholders back Schorsch's RCS Capital merger

$52.5 million cash and stock deal scheduled to close on Friday.
JUL 21, 2014
Investors Capital Holdings Ltd. said Tuesday its shareholders had approved the terms of the merger with RCS Capital Corp., best known by its ticker symbol RCAP. Announced last October, the deal is scheduled to close on Friday, Investors Capital said in a statement Tuesday. Buying Investors Capital Holdings for $52.5 million in cash and stock was one of five separate acquisitionsby RCAP and its executive chairman Nicholas Schorsch to build a far-ranging network of independent broker-dealers that are home to 9,000 registered representatives and advisers. Investors Capital Holdings is the last of those announced acquisitions to close. According to a filing with the Securities and Exchange Commission, Investors Capital shareholders will receive $7.25 in cash per share or an equal consideration of RCAP stock, which was trading at $21.50 on Wednesday morning in New York. The biggest asset of Investors Capital Holdings is its independent broker-dealer, Investors Capital Corp. The firm had 441 producing reps and advisers in 2013 and total revenues of $93.2 million. At the end of June, RCAP said it had closed its previously announced acquisition of the Hatteras Funds Group, a family of alternative investment mutual funds. Hatteras Funds will continue to operate under current management and the Hatteras brand.

Latest News

The power of cultivating personal connections
The power of cultivating personal connections

Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.

A variety of succession options
A variety of succession options

Whichever path you go down, act now while you're still in control.

'I’ll never recommend bitcoin,' advisor insists
'I’ll never recommend bitcoin,' advisor insists

Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.

LPL raises target for advisors’ bonuses for first time in a decade
LPL raises target for advisors’ bonuses for first time in a decade

“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.

What do older Americans have to say about long-term care?
What do older Americans have to say about long-term care?

Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.

SPONSORED The future of prospecting: Say goodbye to cold calls and hello to smart connections

Streamline your outreach with Aidentified's AI-driven solutions

SPONSORED A bumpy start to autumn but more positives ahead

This season’s market volatility: Positioning for rate relief, income growth and the AI rebound