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NEW YORK CITY-RCAP Holdings LLC, a holding company managed by Nicholas Schorsch, William Kahane, Michael Weil, Peter Budko and Brian Block, has closed on its previously announced acquisition of retail financial services company First Allied Holdings Inc. San Diego-based First Allied, including its Legend Group division, manages over $32 billion in assets for 300,000 clients nationwide.

First announced in June, the deal is in line with RCAP’s aspiration to bolster its presence in the independent financial advisor segment of the financial services industry. “In 2007, my partners and I perceived an opportunity to build an open architected, wholesale broker/dealer to distribute best-in-class investment solutions,” Schorsch, chairman and CEO of RCAP, said in June. “We insisted that every investment product distributed by our wholesale broker/dealer, Realty Capital Securities, LLC, closely adhere to our best practices, namely: pay for performance, plain language reporting and full transparency, alignment of interests between investors and management, lower fees, routine valuations and regular liquidity events.”

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