A Best-in-Class Wealth Management Platform

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B. Riley Financial Acquires National Holdings

  • This exciting combination provides significant synergies and benefits our clients through an enhanced platform*
  • The merger will empower National’s financial professionals with expanded platform, organizational size, scale, strength and support.

*No changes to client accounts as a result of acquisition

Diverse Business Capabilities

This transaction consolidates National Holdings under B. Riley Financial, the parent company. National Securities, the broker-dealer, will continue to operate as National Securities for the foreseeable future, and therefore, clients will not see a change to their accounts as a result of the acquisition. The combination benefits and enhances each of the company’s wealth management, investment banking and capital markets businesses while offering clients and advisors access to the diverse suite of business capabilities available through B. Riley’s expansive platform, in addition to the products, services and solutions offered through National.

An Expansive Nationwide Footprint

Clients will now have greater access to B. Riley’s and National’s complementary wealth management businesses. Geographically, the firms have a synergistic footprint with offices now expanding from coast to coast. Our combination results in a more powerful national footprint with over 900 advisors and approximately $30B in assets under management. National’s advisory, tax and accounting services significantly augment B. Riley’s wealth management business. Click here to learn more about B. Riley’s diverse financial solutions.

National

B. RILEY AND NATIONAL BY THE NUMBERS

200+

Offices Nationwide

2,000+

Affiliated Personnel

$30+ Billion

AUM as of February 23, 2021

140,000+

Client accounts

900

Financial professionals

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This is a powerful combination for both our people and our clients.

Joining B. Riley provides us with greater competitive advantage and expedites our goal of building the industry’s most comprehensive wealth management platform.

– Michael Mullen,

Chief Executive Officer of National

Capital Creation and Innovative Investment Opportunities

B. Riley Securities and National Securities’ respective brokerages offer unique capital markets offerings along with a sizeable distribution network that increases scale and creates greater opportunities to serve individual and institutional clients. This merger brings together the expertise of two boutique middle-market investment banking organizations. These combined organizations form a powerful brokerage platform, enhanced by B. Riley’s award-winning equity research and National’s exclusive private shares offerings– all powered by National’s cutting-edge technology. Click here to learn more about B. Riley Financial.

Past National Deals Include:

About B. Riley Financial

B. Riley Financial (NASDAQ: RILY) provides collaborative financial services solutions tailored to fit the capital raising, business, operational, and financial advisory needs of its clients and partners. B. Riley operates through several subsidiaries that offer a diverse range of complementary end-to-end capabilities spanning investment banking and institutional brokerage, private wealth and investment management, financial consulting, corporate restructuring, operations management, risk and compliance, due diligence, forensic accounting, litigation support, appraisal and valuation, auction and liquidation services.

About National Holdings

National Holdings Corporation is a full-service investment banking and asset management firm that, through its affiliates, provides a range of services, including independent and employee-managed retail brokerage and advisory services, investment banking, institutional sales and trading, equity research, financial planning, market making, tax preparation and insurance to corporations, institutions, high net-worth and retail investors. With over 1,000 advisors, registered representatives, traders, sales associates and corporate staff, National Holdings operates through various subsidiaries including National Securities Corporation, National Asset Management, Inc., National Insurance Corporation, National Tax and Financial Services, Inc. (formerly Gilman Ciocia, Inc.), GC Capital Corporation, the Winslow, Evans & Crocker entities and the United Advisors entities. Formed as a holding company in 1996, National Holdings’ largest subsidiary, National Securities Corporation, has been in business since 1947. National Holdings is headquartered in New York and Florida. For more information, visit www.yournational.com.

Points of Contact

B. Riley Wealth and National clients should direct their questions to their financial advisors:
  1. B. Riley Wealth Management Advisor Directory: click here
  2. National Advisor Directory: click here
For National Shareholders:

National shareholders may contact the following agents in relation to the tender offer:

Information Agent:

Innisfree M&A Incorporated
Requests for documents may be directed to Innisfree by telephone at (212) 750-5833 (banks and brokers) or (888) 750-5834

Depositary:

Computershare Trust Company, N.A.
(800) 546-5141

IR:

Mike Frank
ir@brileyfin.com
(212) 409-2424

 Media:

Jo Anne McCusker
press@brileyfin.com
(646) 885-5425

National Holdings Corporation is the parent corporation of several affiliated financial services companies. Securities and Variable Insurance Products are offered through National Securities Corporation, member FINRA/SIPC. National Securities Corporation (NSC) is a full service brokerage firm, operated primarily through independent registered representatives. Fee-based investment advisory services are offered through National Asset Management (NAM), an SEC registered investment advisor. Insurance products, including fixed indexed annuities, (but not variable products), are offered through National Insurance Corporation (NIC). National Tax and Financial Services (NTFS) provides accounting services, tax planning and preparation.

National Holdings Corporation is a wholly owned subsidiary of B. Riley Financial, Inc. (NASDAQ: RILY), parent company to B. Riley Securities, Inc. and B. Riley Wealth Management, Inc. Accordingly, National, Holdings Corporation and its subsidiaries are affiliates of B. Riley Securities, Inc. and B. Riley Wealth Management, inc.

Investing involves risk including loss of principal. Not FDIC Insured. Private Shares are for qualified investors and involve a high degree of risk. See Reg BI/Form CRS Customer DisclosuresPrivacy Policy and Client Disclosures.