RCS Capital Corp on Monday said some brokerage firms that had suspended sales of non-traded real estate investment trusts it sponsors because of its suspected ties to a troubled company had reinstated their sales agreements.RCS, which owns eight brokerage firms and a business that supplies the illiquid REITs and other "alternative" investment products to other broker-dealers, called the resumption a vote of confidence but did not say how many of the 250-plus companies in its sales network had suspended sales or how many have reinstated them. It said only that 51 selling agreements resumed and did not respond to queries about whether any were with its own brokerages that had frozen sales of some products.Among larger firms in the sales network, Fidelity Investments has not resumed sales of RCS products to broker-dealers and investment advisers, a spokeswoman said. A spokeswoman for LPL Financial, which provides products to more than 13,000 independent brokers, did not respond to a request for comment.The paucity of specifics appeared to concern investors already worried about RCS's intertwined relations with American Realty Capital Properties Inc.
American Realty Capital Properties, Inc., is a real estate investment trust (REIT). Shares of ARCP traded higher by 0.5% or $0.045/share to $9.04. In the past year, the shares have traded as low as $7.38 and as high as $14.96. On average, 20479000 shares of ARCP exchange hands on a given day and today's volume is recorded at 17539336.
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 0.92% or $0.1/share to $11.00. In the past year, the shares have traded as low as $8.94 and as high as $39.98. On average, 1226100 shares of RCAP exchange hands on a given day and today's volume is recorded at 1506035.
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