Boston, MA 03/14/2014 (wallstreetpr) – RCS Capital Corp (NYSE:RCAP) in a bid of expanding its financial services has announced the hiring of Todd Snyder and John Kearney, top due diligence analysts to help it in its alternative investment. Mr. Snyder and Mr. Kearney will take over as heads of the company’s new research division SK research. The new project is expected to provide intelligence and diligence on nontraditional investments.
Due diligence has for some time been supplied by a hodgepodge of independent law firms normally hired by independent broker dealers, aimed at performing background checks of non-traded real estate investments trusts as well as other illiquid investments.
Due Diligence firms which normally act as gatekeepers have overtime been mired with scrutiny especially after credit crisis where many investment schemes were deemed to be fraudulent and acting as Ponzi Schemes. Todd Snyder comes with lots of experience in the post, having worked as a law firm and due diligence analysts in nontrade REITS for more than 100 broker dealer clients.
Snyder Kearney will be accorded 20 employees with most of them expected to transition into the new firm. There is a huge belief that SK Research has the potential to grow to more than 100 employees in the coming months. The new company is expected to expand training programs and education for registered representatives.
RCS Capital Receives B2 rating from Moody’s and B+ FROM S&P
RCS Capital Corp (NYSE:RCAP) recently announced that it had received a B2 corporate rating from Moodys investor’s services as well as a B+ rating from Standard &Poor. In addition the company proposed a $575 million senior secured first lie facilities. The company expects the debt to be issued with its previously announced pending acquisition of Cetera Financial Holdings.
The debt is also being arranged by Barclays bank PLC as well as Merrill Lynch, with Pierce, Fenner &Smith acting as joint lead arrangers and bokrunners
RCS Capital Corp (NYSE:RCAP) was relatively unchanged on Thursday trading session going down by 0.96% to close the day at $27.98
