Research, March 1st, 2005
INVESTMENT BANK
Advanced Equities Financial Corp. of Chicago has become a national sell-side player by buying independent broker-dealer First Allied Securities Inc. (FAS) of San Diego from San Francisco-based Wells Fargo. The deal adds about 500 independent reps and 190 offices to Advanced Equities' brokerage operation and extends its reach to all 50 states.
Financial terms of the deal were not disclosed.
As with Advanced Equities' acquisition of Round Hill Securities of Alamo, Calif., in 2003, FAS will maintain its brand and separate identity after the latest deal is completed.
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