RCS Capital remains in the hunt for buyout deals - Schorsch
RCS Capital Corp Executive Chairman of the Board Nicholas Schorsch said that the company would continue to hunt for more broker-dealer acquisition deals.
On Wednesday, RCS Capital signed a letter of intent to acquire Investors Capital Holdings Ltd. Investors controls an independent broker-dealer with a workforce of 550 representatives and advisers. Chief Executive Tim Murphy would retain his position at Investors as chief executive.
Schorsch did not name their next targets, but he would be leading the firm to look for deals that would help expand and diversify its company portfolio. In an interview, he said, "I can't tell you we're done. We'd love to look at insurance and other platform sponsors that are producing product."
Schorsch was seen by the industry as a formidable fixture in investments as of late. On Tuesday, he had launched Hatteras Funds as his first attempt in mutual funds. Schorsch's RCAP Holdings LLC would also be buying First Allied Holdings Inc.