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Despite parent’s bankruptcy, Cetera recruits $200 million team

April 22, 2016

Empire Asset Management Group was formerly registered with Northern Lights Distributors, a broker-dealer that specializes in mutual fund distribution

Apr 20, 2016 @ 11:04 am | By Bruce Kelly | Investment News

Despite a bankruptcy filing by its parent company, Cetera Financial Group on Wednesday morning announced it had recruited Empire Asset Management Group, an upstate New York team with $200 million in client assets.

Cetera Financial Group’s parent company, RCS Capital Corp., at the end of January filed for a pre-arranged, Chapter 11 bankruptcy reorganization, in which its debt would be converted to equity in Cetera, a network of 10 independent broker-dealers with close to 9,000 registered reps and advisers.

Cetera expects to emerge from bankruptcy by the end of next month as a privately held company controlled by its institutional investors.

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April 14, 2016

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