Cetera and its subsidiaries will now be part of RCS’ retail advise platform, which also includes the group’s other recent acquisitions, Summit Brokerage Services and Investors Capital Holdings.
The company was launched in 2010 when Lightyear merged three ING broker-dealers. It currently provides broker-dealer and investment advisory services via four platforms and has 6,660 representatives in the US.
The deal is expected to close later this year, RCS said in a statement.
Last month Lightyear teamed up with employees of RidgeWorth Investments to carve the business out of SunTrust Banks in a deal worth up to $265m.
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