Overland Park-based VSR Group, which operates a regional brokerage business focused on individual investors, has agreed to a buyout offer from a New York firm.
The buyer, RCS Capital Corp., did not disclose the terms of the sale, which is expected to be completed late this year or early next year.
VSR Group operates VSR Financial Services Inc., which has 264 financial independent advisers in 36 states and administers $12.3 billion in customer assets. RCS Capital, in an announcement, said VSR’s appeal included its highly productive group of brokers, who rank among the top three in average business production in each of the last three years.
Mike Stanfield, chief executive of VSR, said the sale will improve the resources and support for the advisers. VSR will retain its name and independent operation as a subsidiary of RCS Capital.
“We’ve been in business over 29 years, and we think we’ve kind of built up a unique company and a unique culture. That was really important to us in any merger discussion,” Stanfield said.
VSR also retains its advisers well, an average rate of 98 percent. About 40 percent of the revenue the company generates comes from fees and 50 percent from commissions.
RCS Capital operates independent brokerage businesses and considers the pending purchase of VSR an attractive “tuck-in” acquisition.