Luxor Capital Group Discloses Almost 10% Stake In RCS Capital Corp (RCAP)

Luxor Capital Group, managed by Christian Leone, has disclosed a new position in RCS Capital Corp (NYSE:RCAP). According to a new filing with the U.S. Securities and Exchange Commission, the fund owns about 20.66 million class A shares, representing 9.9% of common stock outstanding.

Christian Leone

The shares were purchased pursuant to a securities purchase agreement signed on April 29, 2014. The securities were acquired for a total of about $335.9 million.

RCS Capital Corporation (NYSE: RCAP) is an investment firm focused on the retail investor. It is engaged in the wholesale distribution, investment banking and capital markets businesses, and a research business focused on alternative investments. The company has a market cap of around 879 million and its stock trades at a P/E ratio of 33.84.

In late last month, RCS Capital Corporation (NYSE: RCAP) announced that it closed its acquisition of the Cetera Financial Group , an independent broker-dealer headquartered in El Segundo, California, from affiliates of Lightyear Capital for $1.15 billion in cash. The deal “creates the second largest independent financial advisor network in the nation adding some 6,632 financial advisors to RCAP’s growing retail financial advisory platform,” according to a statement.

At the end of December 2013, Ken Griffin’s Citadel Investment Group disclosed ownership of 11,115 shares of the company, with a reported value of $204,000.

Luxor Capital Group is a New York-based hedge fund with an estimated $3 billion in assets under management. Founded in 2002, the fund has a relatively balanced structure, with holdings in equity and fixed income investments throughout the world. At the beginning of April, the fund reported selling a total of 2.3 million class A shares of William Lyon Homes (NYSE:WLH), reducing its stake to some 6.29 million shares.

Disclosure: none

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