Larry Roth, former president and chief executive officer of Advisor Group, one of the country’s largest networks of independent broker-dealers, is joining Realty Capital Securities, a major broker-dealer and wholesaler of real estate investment trusts, as chief executive officer.

Peter Harbeck will serve as interim president and chief executive officer of Advisor Group, the industry’s fourth-largest broker-dealer network with close to 5,500 representatives and advisors. Michael Weil, the current chief executive of RCS, will become chairman of the company, a subsidiary of RCS Capital Corporation, a leader in the non-traded REIT business.

Roth’s “experience and strategic vision will contribute meaningfully to RCS' ability to grow its business and expand its role as the preeminent open architecture distribution platform for non-traded publicly registered securities," RCS Capital Corporation executive chairman Nicholas Schorsch said in a statement.

RCS is also a leading investment bank in the direct investment channel, having advised on $13.7 billion in equity listings and real estate M&A transactions over the past year.

At Advisor Group, Harbeck will continue to oversee the network’s securities processing and other back office operations as well as take on broader leadership responsibilities.

Advisor Group, which controls the broker-dealers Royal Alliance, FSC Securities, SagePoint Financial and Woodbury Financial, and is owned by AIG Life and Retirement, is “actively recruiting new talent” and will “continue to invest heavily in our broker-dealers and in supporting our financial advisors,” Harbeck said in a statement.

Harbeck will also continue to serve as President and CEO of SunAmerica Asset Management, which he has led since 1995.

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