Ladenburg Thalmann Announces Completion of Merger with Advisor Group
February 14 2020 - 9:18AM
Business Wire
Combination Creates a Wealth Management
Industry Leader with Approximately 11,300 Financial Advisors and
Over $450 Billion in Client Assets
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS
PrA, LTSL, LTSF, LTSK, LTSH) ("Ladenburg"), a diversified financial
services company, today announced the successful completion of its
merger with Advisor Group, Inc. (“Advisor Group”), one of the
nation's largest networks of independent wealth management
firms.
The expanded Advisor Group will be one of the industry's leading
providers of a multi-custodial, multi-clearing model that drives
maximum choice and flexibility for financial advisors. The
organization will continue to be led by Advisor Group’s current CEO
and President, Jamie Price. Ladenburg's firms will not be merged
with Advisor Group's firms, reflecting both companies' commitment
to a multi-brand network model. In connection with the closing of
the transaction, Ladenburg Thalmann common shares have been
delisted from the New York Stock Exchange.
Ladenburg Chairman, President and CEO Richard Lampen said, “We
are thrilled to complete this transformational merger with Advisor
Group, a company with complementary strengths and a shared vision
for the future. We believe the transaction will help our financial
advisors accelerate the growth of their businesses while continuing
to benefit from the highly personalized service experience they
have always enjoyed. On behalf of the entire Ladenburg Board and
management team, I want to sincerely thank our employees and
financial advisors for their tireless work and dedication.”
Jefferies LLC served as financial advisor to Ladenburg and
Sullivan & Cromwell LLP served as Ladenburg’s legal
counsel.
About Ladenburg Thalmann
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS
PrA, LTSL, LTSF, LTSK, LTSH) is a diversified financial services
company based in Miami, Florida. Ladenburg's subsidiaries include
industry-leading independent advisory and brokerage (IAB) firms
Securities America, Triad Advisors, Securities Service Network,
Investacorp and KMS Financial Services, as well as Premier Trust,
Ladenburg Thalmann Asset Management, Highland Capital Brokerage, a
leading independent life insurance brokerage company and
full-service annuity processing and marketing company, and
Ladenburg Thalmann & Co. Inc., an investment bank which has
been a member of the New York Stock Exchange for over 135 years.
The company is committed to investing in the growth of its
subsidiaries while respecting and maintaining their individual
business identities, cultures, and leadership. For more
information, please visit www.ladenburg.com.
Forward-looking Statements
This press release contains forward-looking statements. You can
generally identify forward-looking statements by the use of
forward-looking terminology such as “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,”
“intend,” “may,” “might,” “plan,” “potential,” “predict,”
“project,” “seek,” “should,” or “will,” or the negative thereof or
other variations thereon or comparable terminology. These
forward-looking statements are only predictions and involve known
and unknown risks and uncertainties, many of which are beyond
Ladenburg’s and Advisor Group’s control. Statements in this
document regarding Ladenburg and Advisor Group that are
forward-looking, including, without limitation, projections as to
the anticipated benefits of the transaction, are based on
management’s estimates, assumptions and projections, and are
subject to significant uncertainties and other factors, many of
which are beyond the control of Ladenburg and Advisor Group.
Important risk factors could cause actual future results and other
future events to differ materially from those currently estimated.
Because forward looking statements involve risks and uncertainties,
the actual results and performance of Ladenburg may materially
differ from the results expressed or implied by such statements.
Given these uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. Unless otherwise
required by law, Ladenburg also disclaims any obligation to update
its view of any such risks or uncertainties or to announce publicly
the result of any revisions to the forward-looking statements made
herein.
Readers should carefully review the risks and uncertainties
disclosed in Ladenburg’s reports with the Securities and Exchange
Commission (“SEC”), including those set forth in Part I, “Item 1A.
Risk Factors” in Ladenburg’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2018 and in subsequent Quarterly
Reports on Form 10-Q and other reports or documents Ladenburg files
with, or furnishes to, the SEC from time to time. Except as
specifically noted, information on, or accessible from, any website
to which this press release contains a hyperlink is not
incorporated by reference into this press release and does not
constitute a part of this press release. No assurances can be given
that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do occur,
what impact they will have on the results of operations or
financial condition of Ladenburg or Advisor Group. All
forward-looking statement in this communication are qualified in
their entirety by this cautionary statement
*Client assets as of September 30, 2019
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200214005296/en/
Media Inquiries
Haven Tower Group Joseph Kuo / Chris Clemens 424 317 4851
or 424 317 4854 jkuo@haventower.com or cclemens@haventower.com
Sard Verbinnen & Co Jared Levy / Emily Claffey /
Benjamin Spicehandler 212-687-8080
Ladenburg Thalmann Finan... (AMEX:LTS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ladenburg Thalmann Finan... (AMEX:LTS)
Historical Stock Chart
From Sep 2023 to Sep 2024