RCS Capital Corp. (NYSE: RCAP) is buying brokerage and investment banking firm J.P. Turner & Co LLC.
RCAP will also acquire Atlanta-based J.P. Turner’s affiliated investment advisory company, J.P. Turner & Co. Capital Management LLC. Terms of the deal weren’t disclosed.
New York-based RCAP is a holding company that operates a wholesale broker-dealer, an investment banking and capital markets business, a transaction management services provider and a transfer agent. After the deal closes, J.P. Turner will become part of the company’s independent financial adviser network.
The deal comes one day after RCAP announced a deal for Cetera Financial Group for $1.15 billion in cash. RCAP plans to add Cetera, which provides wealth management services to financial advisers, to its retail advice group.