The acquisition of Ladenburg Thalmann by Advisor Group might be finalized as early as Friday or early subsequent week, in response to sources near the funding banking group.
The transaction course of ends a lot sooner than anticipated, with a lot of funding bankers near the business assuming the scale and complexity of the deal will push again from the tip of April to June.
On the finish of final month, Ladenburg shareholders voted to approve the merger settlement of the 2 dealer / vendor networks. The information got here after a number of shareholders, together with the billionaire in biotechnology and the previous president of Ladenburg, Physician Phillip Frost, introduced an motion in opposition to the corporate to dam the settlement.
The Monetary Sector Regulatory Authority has additionally accredited the deal.
Advisor Group signed the settlement in November to amass Ladenburg and its 5 brokers / brokers by means of a money merger, making a b / d community with 11,500 advisers and greater than $ 450 billion in # 39; s belongings. On the time, executives stated b / d from Ladenburg wouldn’t be merged with that of the group of advisers.
Sources near the deal say the advisor group's FINRA paperwork that had been required to shut the deal didn’t point out whether or not the corporate would consolidate any of Ladenburg b / ds, which embrace Securities America, Triad Advisors, Investacorp, KMS Monetary Companies and Securities Service Community. This "means that if there’s a consolidation of the newly acquired companies, it is not going to occur instantly after the closing of the transaction," stated a source near the funding banking group.
Funding bankers and third-party recruiters conversant in the 2 firms famous that any post-transaction consolidation later would nearly definitely preserve Securities America and Triad Advisors of their present constructions and beneath present administration and types, given the relative measurement and model recognition of those b / ds.
A spokesperson for Advisor Group and Ladenburg couldn’t be instantly reached for remark.