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Wednesday, Jul 24, 2024
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RCS Capital to Buy Girard Securities

RCS Capital Corp. has entered into an agreement to buy San Diego-based independent broker-dealer Girard Securities Inc.

Terms of the deal were not disclosed.

Girard has over $10 billion of assets under administration and 250 producing financial advisers, RCS said.

Girard provides a broad range of high quality securities brokerage and investment services primarily to individual investors, according to RCS (NYSE: RCAP). Girard sells insurance products, including variable and fixed annuities, and life insurance. Girard also offers asset management and investment advisory services through its SEC-registered investment adviser subsidiary and its network of independent financial advisers located throughout the U.S. Girard will continue to operate under current management and the Girard brand.

“We believe RCAP’s commitment to maintaining the separate identity and culture of Girard was one of the most attractive aspects of this combination,” said Susan Woltman Tietjen, board chairman and CEO of Girard. “This transaction will allow Girard to leverage the resources of what we believe to be one of the industry’s fastest-growing and most innovative firms. Moreover, we expect this union will result in the realization of our shared vision of providing greater opportunities for our advisers and a more diverse service offering to their retail clients.”

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