Securities America
Ladenburg Thalmann completes Securities America purchase for $150 millionPosted by RJ and Makay on Nov 07, 2011 |
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Ladenburg Thalmann Financial Services Inc. said today that is has completed its previously announced $150 million acquisition of Securities America Financial Corporation and its subsidiaries. Ladenburg picks up 1,700 brokers and $50 billion in assets under management to bring its totals to 2,700 independent financial advisors with approximately $70 billion in total assets.
Ameriprise Financial, Inc. reported higher second-quarter profits Wednesday and said the planned sale of its Securities America unit is ”progressing as anticipated.” Ameriprise’s Q2 results excluded Securities America, which it now counts as discontinued operations for that quarter and all prior periods, the firm said.
After two years of stagnant or shrinking revenues, the 50 largest independent broker-dealers reported a rebound in their annual revenues last year, according to Financial Planning magazine. A robust stock market and strong demand for mutual funds, annuities and other products saw a median increase of 13.2% in 2010 revenues. 13 of the top 50 firms posted year-to-year revenue growth of over 20%.
