NEW YORK CITY—RCS Capital Corp. said Tuesday that it had closed on its all-cash, $1.15-billion acquisition of Cetera Financial Group from affiliates of Lightyear Capital. Valerie Brown, CEO of El Segundo, CA-based Cetera, has been named head of RCAP’s new retail advice platform, which will consist of Cetera and First Allied Securities along with other brands still to join the fold.

First announced in January, the deal creates the second largest independent financial advisor network in the US, adding some 6,632 financial advisors and bringing RCAP’s retail financial advisory platform to about 9,000 advisors. It gives RCAP a footprint in all 50 states along with the District of Columbia and Puerto Rico, and bolsters its ability to serve some 2.5 million mass-affluent and high-net-worth investors by constructing durable investment strategies within a diversified investment portfolio.

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