Royal Alliance is Acquiring a $50 Billion Firm
Independent broker-dealer Royal Alliance is buying Signator Investors from John Hancock, ThinkAdvisor writes.
Signator is a dually-registered broker-dealer and RIA with around $50 billion in assets, according to the publication. The acquisition could almost double advisor ranks to 3,600 at Royal Alliance, which is part of the Advisor Group, ThinkAdvisor writes.
Royal Alliance expects a large number of Signator’s advisors to come on board due to “cultural similarities” between the firms and the “strength of our offering,” said Dmitry Goldin, Royal Alliance’s president and CEO, according to the publication. Jamie Price, Advisor Group’s president and CEO, echoed Goldin, saying that “cultural alignment” is essential for a successful acquisition, ThinkAdvisor writes.
“With Signator and Royal, we immediately saw the compatibility between the two firms, which have a shared focus on the super [office of supervisory jurisdiction] business model and independent advisor community,” he said, according to the publication.
The companies didn’t release financial details of the deal, ThinkAdvisor writes.
Advisor Group has 5,000 registered representatives overseeing $190 billion, according to the publication. Last year, the firm, owned by the insurance firm AIG, brought on around 170 new advisors and $4 billion in assets, ThinkAdvisor writes.