Products October 22, 2007

ASPPA Issues Standards of Practice for Recordkeepers

The American Society of Pension Professionals&Actuaries (ASPPA) has issued standards of practice for recordkeepers so that plan sponsors, investment advisers, and investment managers will have criteria by which to gauge the services they receive.
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According to a press release from the Washington, D.C.-based group, ASPPA has established the qualification standards on which recordkeepers will be reviewed and evaluated for this new certification. ASPPA has partnered with the Centre for Fiduciary Excellence (CEFEX) for the audit methodology and delivery of the certification.

Recordkeepers who meet the criteria set by ASPPA will get a certification.

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The standards of practice for the recordkeeper certification will be similar in structure to those published in 2006 by Fiduciary 360 for fiduciary advisers, managers, and plan sponsors.

“Since recordkeepers play an integral role in helping fiduciaries fulfill their obligations, it is appropriate to provide a program where they can demonstrate their adherence to the standard. This certification fulfills that need,” said Brian Graff, Executive Director of ASPPA, in the press release.

Deals & People October 22, 2007

Ladenburg Thalmann Acquires Investacorp

Ladenburg Thalmann Financial Services Inc. announced it has acquired all outstanding shares of Investacorp Inc. and related companies.
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Investacorp is a privately-held, full service broker/dealer, registered with FINRA. It was acquired from the firm’s Chairman and Chief Executive Officer, Bruce Zwigard, and a related seller for $25 million in cash at closing and an additional $15 million in cash payable over a three-year period, a company announcement said.

Zwigard and Investacorp’s management team will continue to operate Investacorp as a stand-alone business based out of its Miami Lakes headquarters. Investacorp registered representatives and investment advisers will continue to operate under the traditional independent broker model, but will have access to additional tools and resources, according to the announcement.

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“This significantly enhances the opportunities to expand our business and better serve our Registered Representatives. As a stand-alone entity within Ladenburg, we will maintain our culture and continue to provide the independent financial services and counsel to which our Registered Representatives and their clients have grown accustomed,” said Bruce Zwigard, President and Chief Executive Officer of Investacorp.

Ladenburg Thalmann Financial Services is engaged in retail and institutional securities brokerage, investment banking, research, and asset management services through its principal operating subsidiary, Ladenburg Thalmann & Co. Inc., a full service investment banking and brokerage firm providing services principally for middle market and emerging growth companies and high net worth individuals.

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