(Bloomberg) -- RCS Capital -- the struggling broker-dealer cobbled together by real estate magnate Nicholas Schorsch -- has put its main operating unit, Cetera Financial, on the market and may take a huge loss, sources say.
The New York-based company is seeking at least $700 million for the division, which it bought just last year for about $1.2 billion, according to one of the sources. Cetera is a prominent network of 11 broker-dealers offering various wealth and asset management services. Cetera is on track this year to generate about $100 million in EBITDA, a key gauge of cash flow, a source says.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access