Investors claim loss of ₹1.86 crore from Kallayi Road branch alone SUMMIT, N.J., Oct. 16, 2020 /PRNewswire/ — Simplicity Group Holdings (“Simplicity”), a leading financial products distribution business, today announced that it has entered into an agreement with Lee Equity Partners CHICAGO–(BUSINESS WIRE)–Oct 16, 2020–
As part of the continuing investigation into the Popular Finance scam, the Kasaba police on Friday seized a number of documents related to various financial transactions and deposits made at the financier’s Kallayi Road branch office.
The officer heading the probe said the branch office was closed to secure the remaining documents and make them available for scrutiny in the next phase of investigation.
Around 49 grams of gold and liquid cash to the tune of ₹22.5 lakh had already been recovered from the branch. The office key had also been seized. The management, however, told the police that cash was accepted at the branch while returning the pawned gold ornaments to the depositors.
The police said they had received complaints from 22 persons against the suspected financial fraud by the firm. Investors claimed a loss of ₹1.86 crore from the branch alone. In Kozhikode city, investors have complained against four branches within the limits of Kasaba, Mavoor, Nadakkavu and Chevayur police stations, they added.
Since the fraud involved several deals and investments within and outside the country, the State government had decided to hand over the case to the Central Bureau of Investigation (CBI). Several investors had also approached the High Court, seeking a high-level inquiry.
According to the police, the Pathanamthitta-based firm had promised investors an interest rate of 12% a year or doubling of deposit in seven years. The managing director of the firm along with his family members had already surrendered before the police, as there were over 2,000 complaints against the financial fraud.
Author: Staff Reporter
Simplicity Announces a New Capital Investment from Lee Equity Partners
SUMMIT, N.J., Oct. 16, 2020 /PRNewswire/ — Simplicity Group Holdings (“Simplicity”), a leading financial products distribution business, today announced that it has entered into an agreement with Lee Equity Partners (“Lee Equity”) pursuant to which Lee Equity will become the new majority owner of the company. Simplicity was previously majority owned by Aquiline Capital Partners (“Aquiline”). Additional terms of the transaction, which is expected to close by the end of 2020 subject to regulatory approvals, were not disclosed.
“We are excited for Lee Equity to join the Simplicity Group as we look to accelerate the pace of our growth after four straight years of expansion, which we enjoyed with Aquiline’s support,” said Bruce Donaldson, President & CEO of Simplicity. “In the short period since our inception, Simplicity has led a transformation of the retirement-planning industry, with a commitment to client education and consumer value. Our new partnership with Lee Equity will allow us to accelerate our growth, while maintaining the distinguishing hallmark of our business: a true, collaborative partnership culture that attracts industry-leading professionals.”
“We are proud to have partnered with Simplicity as it successfully built a diversified financial products distribution business and became a preferred partner for independent agents, advisors, and distribution company owners,” said Jeff Greenberg, Chairman and Chief Executive Officer of Aquiline. “We wish the team the best for the future.”
“Lee Equity seeks to back leading entrepreneurs,” said Mark Gormley, Partner at Lee Equity. “Bruce and the broader Simplicity team have done an incredible job of growing the business into a clear market leader in a short four-year period. We believe that Lee Equity can help Simplicity drive the next phase of its growth and continue to recruit industry-leading Principals to the partnership.”
“Simplicity represents a unique opportunity for leaders in the retirement-planning and wealth advisory business to join a proven collaborative partnership, offering its Principals an unrivaled suite of products, services, and personal value-creating opportunities,” said Mr. Donaldson. “On behalf of our twenty-seven Principals and our two hundred and fifty employees, I would like to welcome Lee Equity to the partnership that is the Simplicity Group.”
Waller Helms Advisors served as exclusive financial advisor to Simplicity and Sirote & Permutt, PC, together with Willkie, Farr & Gallagher LLP, served as Simplicity’s counsel. Oliver Wyman acted as strategic advisor to Lee Equity and Weil, Gotshal & Manges LLP, served as legal advisor to Lee Equity.
Simplicity provides retirement solutions including annuity, life insurance, and investments to independent financial advisors, insurance professionals and their clients through its operating subsidiaries. Simplicity has acquired and owns 15 insurance distribution businesses and is one of the nation’s largest and fastest growing financial product distribution companies. Each of Simplicity’s operating businesses is directed by its local management team but with the benefit of being able to access Simplicity’s resources. Through acquisition and partnership of top insurance distribution organizations and technology companies, Simplicity seeks to provide sophisticated business solutions that will attract the industry’s best in leadership, talent, advisors, and future partners. For more information about Simplicity, please visit: www.simplicitygroup.com.
About Lee Equity Partners
Lee Equity Partners is a New York-based private equity firm that partners with successful management teams to build companies with strong growth potential. Lee Equity targets equity investments of $50 million to $100 million in middle-market control buyouts and growth capital financings in companies with enterprise values of $100 million to $500 million that are located primarily in the United States. The firm invests in a range of industries where the team has deep relationships developed over decades, including business services, financial services, and healthcare services. For more information about Lee Equity, please visit www.LeeEquity.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private investment firm based in New York and London investing in businesses across the financial services sector in financial technology, insurance, investment management, business services, credit and healthcare. The firm has $5.3 billion in assets under management as of December 31, 2019. For more information about Aquiline, please visit: www.aquiline.com.
Alex Timeus, Director of Communications
Simplicity Group Holdings
Maria Jose Gonzalez / Josh Clarkson / Clare Glynn, Prosek Partners
For Aquiline Capital Partners LLC
Whitney McBride, Vice President of Investor Relations
Lee Equity Partners
Author: Simplicity Group Holdings;Lee Equity Partners;
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Prices Offering of Preferred Stock
CHICAGO–(BUSINESS WIRE)–Oct 16, 2020–
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”) (NYSE: OPP) today announced that it has priced an underwritten public offering of 2,200,000 shares of 4.375% Series A Cumulative Preferred Stock (the “Preferred Stock”) at a public offering price of $25 per share, which will result in net proceeds to the Fund of approximately $52.8 million after payment of underwriting discounts and commissions and estimated offering expenses payable by the Fund. In addition, the Fund has granted the underwriters a 30-day option to purchase up to an additional 330,000 shares of Preferred Stock to cover overallotments, if any.
The Fund has applied to list the Preferred Stock on the New York Stock Exchange (“NYSE”) under the ticker symbol “OPPPRA.” If the application is approved, trading on the NYSE in the Preferred Stock is expected to begin within 30 days following the issuance date of the Preferred Stock. The Fund plans to use the net proceeds from the offering of the Preferred Stock to repay borrowings under the Fund’s credit facility and for general working capital purposes.
The offering is expected to close on October 23, 2020, subject to customary closing conditions.
UBS Securities LLC is acting as the sole book-running manager for the offering.
Investors should consider the Fund’s investment objectives, risks, and expenses carefully before investing. The preliminary prospectus supplement (and the final prospectus supplement, when available) and accompanying prospectus contains this and other information about the Fund and should be read carefully before investing. Copies of the preliminary prospectus supplement and final prospectus supplement (when complete) and accompanying prospectus may be obtained for no charge by calling UBS Securities LLC toll-free at 1-888-827-7275. Copies of these documents, when finalized, and other documents the Fund has filed with the Securities and Exchange Commission (“SEC”) may also be obtained by visiting EDGAR on the SEC’s website at www.sec.gov or on the Fund’s website at www.rivernorth.com.
The information in this preliminary prospectus supplement is not complete and may be changed. A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. The prospectus supplement and the accompanying prospectus are not an offer to sell these securities and are not soliciting offers to buy these securities in any jurisdiction where the offer or sale is not permitted.
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
The investment objective of the Fund is current income and overall total return. The Fund had approximately $266 million of total managed assets 1 and 13.4 million shares of common stock outstanding as of September 30, 2020. The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund’s shares of common stock now trade in the secondary market. Investors wishing to buy or sell common stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market value.
Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing, you should consider the risks as well as the other information in the prospectus.
Past performance is no guarantee of future results.
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that specializes in opportunistic strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the manager to multiple registered and private funds.
This press release may contain forward-looking statements that reflect current expectations about the future results, performance, or actions of the Fund and can be identified by words such as “may,” “will,” “expect,” “plans,” “intend,” “should,” “estimate” or similar expressions. These statements are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Fund’s filings with the SEC including the preliminary prospectus supplement dated October 13, 2020, and accompanying prospectus, dated October 17, 2019). The Fund undertakes no duty to update any forward-looking statement made herein.
Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with ALPS Distributors, Inc. or DST Systems, Inc.
ALPS Distributors, Inc. FINRA Member Firm.
1 Managed Assets includes assets attributable to leverage and investments in affiliated funds.
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.
©2000-2020 RiverNorth Capital Management, LLC. All rights reserved.
View source version on businesswire.com:https://www.businesswire.com/news/home/20201016005658/en/
CONTACT: Investor Contact
Chris Lakumb, CFA, CAIA
KEYWORD: ILLINOIS UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE
SOURCE: RiverNorth Capital Management, LLC
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PUB: 10/16/2020 05:32 PM/DISC: 10/16/2020 05:32 PM
Copyright Business Wire 2020.