RCS Capital Corp on Thursday announced it would purchase independent broker-dealer Cetera Financial Group from private equity firm Lightyear Capital LLC for about $1.15 billion in cash to expand its retail brokerage business.New York-based Lightyear Capital, which is run by former Paine Webber Group Inc Chief Executive Officer Donald Marron, created Cetera in 2010 when it acquired three ING broker-dealers.Over the years, Lightyear has continued to build Cetera through acquisitions. Just last year, it acquired two brokerage firms from MetLife Inc. Today the firm provides broker-dealer and advisory services to about 6,500 independent financial professionals as well as financial institutions.RCS, which has been an aggressive acquirer over the past few months, approached Lightyear several times last year about buying Cetera, Marron said. But it was not until right before Christmas that Lightyear took the offer seriously, he said.
Financial Institutions, Inc. (FII) is a financial holding company. Shares of FISI fell by 2.18% or $-0.5/share to $22.40. In the past year, the shares have traded as low as $17.92 and as high as $26.59. On average, 27454 shares of FISI exchange hands on a given day and today's volume is recorded at 9615.
MetLife, Inc. (MetLife) is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET fell by 1.42% or $-0.77/share to $53.55. In the past year, the shares have traded as low as $33.89 and as high as $54.70. On average, 5627070 shares of MET exchange hands on a given day and today's volume is recorded at 3117430.
RCS Capital Corporation is a holding company. The Company is engaged in the business of wholesale broker-dealer, investment banking and capital markets business, a transaction management services provider and a transfer agent. Shares of RCAP traded higher by 4.65% or $0.861/share to $19.39. In the past year, the shares have traded as low as $14.86 and as high as $19.78. On average, 18225 shares of RCAP exchange hands on a given day and today's volume is recorded at 75315.
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