M and A
US Consolidator on Acquisition Trail
Minneapolis-based Ameriprise Financial’s independent
broker-dealer subsidiary Securities America is buying Brecek &
Young Financial Advisors of Folsom,
California, a medium-sized independent broker-dealer, according
to media reports.
Brecek & Young has more than over 300 affiliated representatives, $43 million in gross revenue and more than $1.3 billion in fee-based assets under management.
Brecek & Young’s chief executive Chris Ranney told advisors of
the move in an e-mail. The firm was acquired in 2004 by life
insurance company Security Benefit Corp of
Topeka,
Kansas.
Chief executive of Securities America Steve McWhorter said: “There’s a great cultural fit here. Both firms share a rep-centric point of view in putting the advisers first.”
Securities
America has 1,750 affiliated reps and produced $506 million in
gross revenue last year.
The acquisition is scheduled to be completed by the end of 2008, subject to regulatory approval. The terms of the deal were not disclosed.
