RCAP Holdings LLC, a holding company managed by Nicholas S. Schorsch and a team of managers, has completed its acquisition of First Allied Holdings Inc., an independent broker-dealer, RCAP announced Thursday.

First Allied, together with The Legend Group, serves over $32 billion in assets across 300,000 clients, 1,500 independent financial advisors and 500 branches in the United States. The deal is the latest in a series of acquisitions and mergers by firms controlled by Schorsch, who is an active player in the real estate investment trust business.

First Allied, The Legend Group and their subsidiaries will continue to operate autonomously under their current management structure and respective brands as part of RCAP Holdings.

The transaction with RCAP Holdings, based in New York, will provide significant financial resources to San Diego-based First Allied to make substantial investments in technology, add professionals and support personnel, expand its 401(k) and 403(b) platforms, and enhance advisor marketing and lead generation programs, RCAP says.

Schorsch says the acquisition helps RCAP achieve a longstanding goal of expanding into the independent financial advisor segment of the financial services industry.