New York's RCS Capital agrees to purchase JP Turner
RCS Capital Corp (RCAP) has inked a deal to acquire investment banking firm JP Turner & Company and affiliate JP Turner & Company Capital Management, according to Business Banking Review (BBR).
Under the terms of the said transaction, JP Turner will be merged with RCAP's independent financial advisor network to complement and diversify the firm's revenue base. At present, RCAP derives its revenue from investment banking, capital market services, transaction management, and its wholesale distribution business, the report detailed.
RCAP Executive Chairman Nicholas S. Schorsch said of the deal: "The acquisition of J.P. Turner, one of the finest independent retail broker-dealers in the nation, represents another important step in realizing RCAP's strategic vision to become the leading financial services firm focused on the direct investment sector. This transaction further expands our network of quality broker-dealers and financial advisors and provides enhanced value for our stockholders."
The acquisition is expected to close in the later part of 2014, and is subject to regulatory approvals and customary closing conditions, BBR reported.
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