Cetera Financial Group said Wednesday that it named Erinn Ford president of Cetera Advisors, which has about 1,300 affiliated reps.
Ford, 44, will report to Brett Harrison, formerly president and CEO of Cetera Advisors, who will continue as CEO of the Cetera unit while taking on “an expanded executive role” at Cetera Financial Group.
Last week, RCS Capital Corp. (RCAP), which owns Cetera Financial, said then-CEO Valerie Brown was leaving the company. It also announced that Larry Roth, who moved to RCS from the AIG-owned Advisor Group less than a year ago, is now CEO of its independent broker-dealer operations, which include about 8,400 affiliated reps.
The IBD business includes First Allied Securities and the four Cetera Financial Group broker-dealers, which have already been bought, in addition to Investors Capital, Summit Brokerage Services and J.P. Turner & Co., which are in the process of being acquired by RCAP.
“Erinn Ford … has extensive executive experience in our industry, and a passion for working closely with advisors to understand their needs and deliver customized solutions that support their business growth,” Roth said in a press release. “Culturally and organizationally, she represents strong continuity of leadership and is another example of the deep management bench strength that exists throughout the Cetera organization.”
Ford joined Cetera Financial Group in 2012 as senior vice president of advisor relations for Cetera Advisors (formerly Multi-Financial Securities). Before that, she served as chief operations officer and chief marketing officer of Pacific West Securities.
“Cetera Advisors enjoys a unique culture, which has enabled it to become such a successful organization serving the needs of independent financial advisors,” Ford said in a statement. “I am committed to nurturing its distinctive strengths and core values, as a part of the larger, growing Cetera family.”
American Realty Cap to Sell Shopping Centers
In other news, American Realty Capital Properties (ARCP) — a sister company of RCS Capital — said Wednesday that it plans to sell its portfolio of multi-tenant shopping centers for nearly $2 billion to Blackstone Real Estate Partners VII. The deal could be completed within 30 days.
ARCP intends to use the proceeds from this sale to pay for its recently announced $1.5 billion Red Lobster sale-leaseback transaction. It also says it expected to spend some $4.5 billion on total acquisitions in 2014.
“The previously announced spinoff of our multi-tenant portfolio created visibility and optionality for ARCP in connection with its multi-tenant assets,” said Nicholas S. Schorsch, executive chairman of ARCP and RCS Capital, in a press release.
“Thus, we were able to explore various avenues to create stockholder value during the time we prepared for the spinoff,” Schorsch explained. “We now believe the sale of the multi-tenant portfolio will deliver the best value creation option to our shareholders and serve to enhance the clarity of our single-tenant, net lease investment strategy, further simplifying and rationalizing our business plan.”