Ladenburg Thalmann Financial Services has completed its acquisition of Securities America, an independent broker-dealer and investment advisor, from Ameriprise Financial.

Announced in August, the deal saw Ladenburg pay an initial cash consideration of $150 million at closing, according to the original announcement. The acquisition was financed by an affiliate of Dr Philip Frost, Ladenburg’s principal shareholder and chairman of the board, according to the same statement. Additional performance-related payments are possible, and it is understood these relate to targets set for 2012 and 2013.

The takeover gives Ladenburg a larger presence in the “attractive independent brokerage and advisory area,” to complement its investment banking activities, said Dr Frost. It also triples the firm’s existing revenue, according to Richard Lampen, president and chief executive of Ladenburg, and boosts its network to 2,700 independent financial advisors and $70 billion in client assets.

Jim Nagengast will continue to lead Securities America, which will operate on a “truly independent basis,” said Lampen, adding that Ladenburg had so far been successful in retaining a high percentage of advisors at the acquired firm.

“We are excited about the opportunities to drive strong organic growth and recruiting in our brokerage firms: Securities America, Triad Advisors, Investacorp and Ladenburg Thalmann & Co,” added Dr Frost.