Independent broker-dealer Securities America said early Tuesday that Investors Security Co. of Suffolk, Va., will become a branch of Securities America with about 130 advisors.
Investors Security, according to its website, has managed about $1 billion of client assets and previously cleared through Pershing.
“We’re honored that Investors Security is joining the Securities America family, continuing our outstanding 2012 recruiting results,” said Jim Nagengast (left), CEO and president of Securities America, in a press release. “We have significant experience working with smaller broker-dealers that want to merge their advisor force into a strong, industry-leading broker-dealer.”
Securities America, which is based in La Vista, Neb., is owned by Ladenburg Thalmann Financial Services (LTS). Ladenburg bought the independent broker-dealer from Ameriprise Financial (AMP) in late 2011 for $150 million.
Investors Security will be one of Securities America’s largest branches and will be led by Christopher Holloway, who was recently named president and has been a managing director at Investors Security since 1999, and Cabell Birdsong, founder and CEO of Investors Security.