RCS Capital Corporation (RCAP), Schorsch’s publicly traded holding company, recently announced its wholesale distribution sales for the month of November. The inflows would be welcomed by many firms, but November wasn’t a typical month for Schorsch controlled businesses.
Realty Capital Securities, LLC, (RC Securities) RCAP’s wholesale broker-dealer, raised about $260 million during November along with its subsidiaries Strategic Capital and The Hatteras Funds. Volumes are down significantly from previously reported quarters in which the unit would raise anywhere from $35 to $40 million per day. RC Securities currently distributes 31 alternative investment programs.
The company also reported that 70 selling agreements have been reinstated to date, or approximately 25% of the total agreements that were suspended since October 30, 2014, after American Realty Capital Property’s (ARCP) accounting scandal.
“We believe the continued and steady reinstatement of selling agreements is reflective of not only the strength of the RCS Capital platform, but the confidence advisors and their clients have in the broad array of financial solutions we distribute,” commented Michael Weil, Chief Executive Officer of RCAP.
Bill Dwyer, Chief Executive Officer of Realty Capital Securities, added, “We continue to work with the over 325 broker dealers and RIA’s with whom we have solid relationships. “