July 2 -- RCS Capital Corporation ("RCAP") (NYSE:RCAP - News) announced today that on June 30, 2014, it closed on its previously announced acquisition of substantially all the assets, and assumption of certain of the liabilities, related to the business and operations of a group of related companies (the "Hatteras Funds Group") that manage and distribute the Hatteras Funds ("Hatteras Funds"). The Hatteras Funds are a family of funds that provides alternative investment solutions to financial advisors and their clients. The Hatteras Funds Group and the Hatteras Funds will continue to operate under current management and the "Hatteras" brand.
"The alternative investments solutions that the Hatteras Funds Group provides to financial advisors and their clients will be an important part of establishing RCAP's presence in the rapidly expanding liquid alternative sector, while complementing the Company's existing durable income investment solutions," said Michael Weil, President of RCAP. "Investors have demonstrated a significant and growing interest in liquid alternative mutual funds and sophisticated investment approaches, and we believe the addition of the Hatteras Funds Group to our portfolio of companies gives us the opportunity to meet that demand."
David Perkins, Chief Executive Officer of the Hatteras Funds Group, commented, "We believe that our clients will benefit from immediate access to RCAP's well-capitalized and diverse distribution platform. The acquisition allows us to invest further in our current portfolio management and product development teams and continue to offer a suite of innovative alternative investments. We look forward to working with the RCAP team and further developing alternative investment solutions that help financial advisors and their clients build better portfolios."