RCAP is acquiring First Allied

06/13/2013 | InvestmentNews (free registration)

RCAP Holdings has agreed to acquire First Allied Securities as part of a deal to purchase outstanding shares of First Allied Holdings. Nick Schorsch, who controls RCAP, plans to keep running First Allied as an independent company, retaining its management team. "We approached First Allied because we thought this was a great team," Schorsch said. "We weren't shopping for 15 broker-dealers. We were looking for a great one."

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