First Allied, a San Diego-based independent broker-dealer with approximately 1,000 financial advisors, is being acquired by Lovell Minnick Partners, a private equity firm that focuses on investments in the financial services industry, the firms announced today.

First Allied has been part of Advanced Equities Financial Corp., a financial services firm focused on retail, institutional securities and venture capital investment banking. First Allied includes the independent broker-dealer, registered investment advisor, wealth management, insurance service and pension services businesses that made up the independent brokerage of Advance Equities.

Upon completion of the deal, First Allied will be an independent company and continue to operate under the First Allied name. No operating changes are expected from the transition.

First Allied President Adam Antoniades says, "At a time when many independent broker-dealers are challenged to find sustainable growth, First Allied continues to succeed by providing a platform that enables its affiliated advisors to grow. Becoming a free-standing company, with the financial support of a great partner in Lovell Minnick, will provide us with additional flexibility and resources to further accelerate our growth."

Further details of the transaction, which is expected to be completed during the fourth quarter of this year, have not been revealed.