COLUMBIA, Md., Dec. 18, 2015 /PRNewswire/ -- Todd Snyder and John Kearney, Co-Presidents of SK Research, LLC ("SK"), announced today that they have signed a letter of intent to purchase the assets of SK, a provider of alternative investment due diligence and research solutions, from RCS Capital Corporation ("RCAP") and establish the newly formed company as an independent alternative investment due diligence and research firm.
"We look forward to continuing our best-in-class due diligence and research services for Cetera and our many other clients as an independent enterprise, as RCAP continues to effect its Cetera only retail-focused strategy," Snyder said.
Kearney added that, "the capabilities and experience of our staff positions us as an industry leader in quality of services."
Since joining RCAP in March 2014, SK staff has independently operated its due diligence and research functions. This transaction will create complete separation of SK's business from RCAP, while allowing SK to continue providing services to Cetera as well as SK's other broker-dealer clients. Importantly, SK expects to continue to issue its due diligence reports without interruption.
Adam Antoniades, President of Cetera Financial Group, added, "We have long held SK and Todd and John in high regard. We consider them leaders in the diligence of alternative investments and look forward to continuing to work with them in the future."
The consummation of the transaction is subject to customary closing conditions.
SK Research, LLC is an industry-leading provider of alternative investment due diligence and research services to independent broker-dealers and their advisors, led by Todd Snyder and John Kearney, formerly of Snyder Kearney LLC.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although SK Research, LLC ("SK") believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. SK undertakes no obligation to update any forward-looking statement contained herein to conform the statement to actual results or changes in SK's expectations.
SOURCE SK Research, LLC