Ladenburg Thalmann Purportedly Up for Sale
Ladenburg Thalmann Financial Services (NYSE: LTS), a publicly traded financial services firm, is reportedly eyeing a potential sale, according to Bloomberg News, citing anonymous sources close to the matter.
Ladenburg Thalmann Financial Services (NYSE: LTS), a publicly traded financial services firm, is reportedly eyeing a potential sale, according to industry reports, citing anonymous sources close to the matter.
Ladenburg’s five independent broker-dealer subsidiaries, which include Securities America, Triad Advisors, Securities Service Network, Investacorp and KMS Financial Services, generated $1.38 billion last year and had 4,400 financial advisors.
Ladenburg has reportedly been working with a financial advisor to solicit offers, but may remain independent since no final decision has been made at this time.
On Wednesday, Ladenburg’s chairman and chief executive officer, Richard Lampen, sent an email to advisors relating to the industry reports.
“Ladenburg has shown strong performance on a standalone basis,” said Lampen. “Since our acquisition of Securities America in 2011, we have experienced dramatic growth in client assets, impressive operating financial performance, growth of our nationwide network of independent financial advisors and robust results from our capital markets and investment banking business. By any measure, Ladenburg today ranks among the leaders in the independent advisory and brokerage industry.”
He added, “Rest assured we remain committed to our financial advisers and their clients, as well as to our open architecture platform and our multiple clearing and custody partners. Everyone at Ladenburg remains focused on running the business and continuing to serve your needs. If you are asked about this news by your clients, you can assure them that it is business as usual.”
Shares of LTS hovered around $2.00 before the first news story was released on Tuesday and closed at $2.45 on Wednesday. The firm reportedly has a market value at about $305 million.
