That Was Quick: First Allied Securities Goes Independent With Private Equity Help Hot
Write Review
First Allied confirmed yesterday that it is breaking away from Advanced Equities in a deal financed by Lovell Minnick Partners.
As initially reported, management is also helping to buy back the company and will co-own the independent venture.
Advanced Equities will continue to distribute its alternative asset-class products to the company's 1,000 advisors.
From the advisors' point of view, the principals promise that absolutely nothing will change.
No price tag on the deal yet, but it is evident that management is putting up quite a bit of the cash. A rough estimate of First Allied's worth would be about $850 million, which is more than Lovell Minnick has in its entire portfolio.
This Website Is For Financial Professionals Only
- Despite Its Long Rap Sheet, Merrill Lynch Is Coopting The Fiduciary Message; Thundering Herd Will Beat A Glorious Path To Restoring Investor Trust
- Commonwealth Financial Network Announces New Advisor Affiliation Models: You Can Be A Fee-Only RIA And Leverage The BD's Services
- 2012 Report Identifies Top Five Challenges For Broker-Dealers Along With Industry Trends And Best Practices
- Lincoln Financial Advisor Defamation Case Highlights The Limitations Of Brokercheck
User reviews
There are no user reviews for this listing.