Nicholas Schorsch, who built his reputation by running a successful nontraded-REIT business, has recently bought both an alternatives asset manager and an independent broker-dealer -- and he's not finished. Schorsch, chief executive of American Realty Capital and executive chairman of RCS Capital, is spurring speculation that he's targeting independent broker-dealers with an eye toward broadening distribution for his nontraded REITs and other illiquid investments.

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