Upon closing of the transaction, which is expected to close in the fourth quarter of 2011, First Allied will become an independent company and continue to operate under the First Allied brand.
The financial support of Lovell Minnick will provide First Allied with additional resources to further accelerate its growth. Founded in 1994, the firm includes independent broker/dealer, registered investment advisor, wealth management, insurance services and pension services businesses. It has approximately 1,000 financial advisors in 500 branches located throughout the United States.
The separation from Advanced Equities Financial is being undertaken so that each can concentrate on its core business. The firms will continue to work together through a distribution relationship that will provide for the continued availability of Advanced Equities’ products and services to First Allied’s affiliated independent advisors and their clients. First Allied will continue to use its name and retain its executive officers.
Lovell Minnick is a private equity firm that specializes in growth-oriented investments in the global financial services industry. It focuses on areas including asset management, financial planning, financial product distribution and securities brokerage.