Advanced Equities Financial Corp is selling First Allied Securities Inc to the independent brokerage's management in a deal financed by Lovell Minnick Partners, the firms said on Monday. San Diego-based First Allied said it will keep its name and executive officers, while not changing its day to day operations. The transaction is expected to be completed in the fourth quarter. Terms were not disclosed. First Allied, founded in 1994, employs about 1,000 financial advisers in 500 branches across the United States. Advanced Equities, which acquired the firm from Wells Fargo & Co (WFC.N) in 2005, makes late stage investments in companies. The sale comes as deal activity heats up in the brokerage industry. It also reflects rising expectations for the independent broker-dealer business, which has been growing at a much faster rate than traditional Wall Street and regional brokerages.
Wells Fargo & Company (Wells Fargo) is a diversified financial services company. Shares of WFC traded higher by 2.61% or $0.61/share to $23.97. In the past year, the shares have traded as low as $22.58 and as high as $34.25. On average, 40171300 shares of WFC exchange hands on a given day and today's volume is recorded at 1518049.
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