In a parallel transaction, Apollo Global Management is setting up a separate entity, AR Global Investments LLC, that will own a majority of the ongoing asset management business of AR Capital, Schorsch’s REIT management company.

Apollo is paying AR Capital $200 million in cash and $178 million in Apollo equity, plus some future consideration.

AR Global Investments will be owned 60 percent by Apollo and 40 percent by AR Capital. Schorsch and Weil will serve on the AR Global board along with Apollo representatives, and Schorsch will serve as a senior managing director.

Apollo will also contribute RCAP’s wholesale distribution business to the newly created AR Global.

Bill Dwyer, head of the wholesale unit, will continue in that role following the changes.

Cetera will enter into an agreement with Apollo to offer Apollo-sponsored alternative investment products to its brokers.

This most recent shakeup at RCAP may not be the last. The company’s board is forming a committee “to explore further options to strengthen the core retail advice business and enhance value for shareholders,” RCAP said in a statement.

RCAP executives declined to expound on what those options might be.

As of the end of June, Cetera had just over 9,500 advisors who handled $214 billion for clients.

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