Banking Fintech News

B. Riley Financial Completes Acquisition of National Holdings Corporation, Creates Meaningfully Enhanced Wealth Management Platform

B. Riley Financial Completes Acquisition of National Holdings Corporation, Creates Meaningfully Enhanced Wealth Management Platform

B. Riley Financial, Inc. and National Holdings Corporation announced the completion of the firms’ previously announced merger. In connection with the transaction, National becomes a wholly owned subsidiary of B. Riley Financial and an affiliate of B. Riley Wealth Management. National adds nearly 700 registered representatives and assets of approximately $20 billion to the B. Riley Financial platform. B. Riley Wealth Management currently includes over 170 advisors and assets of over $12 billion.

Read More: OWNR Announces Its Cryptocurrency Wallet Turns Into A Wholesome Ecosystem

Bryant Riley, Chairman and Co-Chief Executive Officer of B. Riley Financial, said, “Today marks another exciting milestone in our firm’s history. This merger creates a world-class wealth management platform under B. Riley Financial with 900 registered representatives managing over $30 billion in assets. We could not be more excited to welcome National’s professionals to B. Riley as we continue to enhance our combined platform.”

National offers a sophisticated wealth management and financial planning platform designed to provide clients with a full suite of services including brokerage, insurance and tax preparation and advisory services. National Securities, its investment banking group, specializes in providing IPO, syndicate and pre-IPO investment opportunities for qualified clients.

Read More:  GlobalFintechSeries Interview with Sandra Blair, Chief Product Officer at MerchantE

“With expanded banking opportunities, differentiated capital markets transactions, and proprietary product offerings, B. Riley offers one of the most dynamic wealth management platforms in the industry,” said Chuck Hastings, Chief Executive Officer of B. Riley Wealth Management. “We look forward to continuing to collaborate with Mike and the National team as we focus on delivering best-in-class service to our clients.”

“This is a powerful combination for both our people and our clients. Joining B. Riley provides us with greater competitive advantage and expedites our goal of building the industry’s most comprehensive wealth management platform. Our financial professionals will now have access to a broader suite of investment solutions and capabilities to meet our clients’ needs and provide opportunities that were just not possible before,” said Michael Mullen, Chief Executive Officer of National. “I am excited to partner with Chuck and the talented team at B. Riley Wealth Management as we look forward to expanding our market-leading position.”

B. Riley Securities, Inc. served as financial advisor on the transaction. Sullivan & Cromwell LLP served as legal counsel to B. Riley Financial. Wilmer Cutler Pickering Hale and Dorr LLP served as legal counsel to National. Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to the Special Committee of National’s Board of Directors. Keefe, Bruyette & Woods served as financial advisor to the Special Committee of National’s Board of Directors.

Read More:  Covid-19 Spending Habits – Has The Pandemic Caused An Increase In Acquirer Fraud?

Related posts

Basketball Africa League and Flutterwave Announce Multiyear Partnership

Fintech News Desk

Democratizing Access to Capital: Bond Expands Into Embedded Credit

Fintech News Desk
1