LYNNFIELD, Mass., Aug. 2, 2011 (GLOBE NEWSWIRE) -- Investors Capital Holdings, Ltd. (NYSE Amex:ICH), a financial services holding company, today announced that, following a sale of his shares in a public offering, Chairman of the Board and founder, Theodore E. Charles has retired from the Company. Investors Capital will continue to be led by President and CEO Timothy B. Murphy, who was recruited by Mr. Charles in 1994 to help grow the firm. The current management team and home office staff will also remain in place.
"It was very important to me that Investors Capital continue on as I envisioned when I founded it in 1992," said Mr. Charles. "I wanted it to remain a publicly traded firm where advisors are truly independent and in charge of their own destinies, unencumbered and uncontrolled by a dominating entity such as an insurance company, private equity firm, or majority shareholder."
Mr. Charles leaves behind a strong company in a growing market. The independent broker/dealer industry is averaging growth of 11% per year while Investors Capital is growing at a slightly better 10-year average annual rate of 12%. The firm has a strong network of over 500 advisors with an average annual production of $161,680 — the highest level in its 19-year history. Average annual production has almost doubled over the past 5 years from nearly $85,000 in 2006, and increased more than six-fold from $25,000 in 2001. The firm's recurring revenue is at 30% of total revenue and climbing. In the last fiscal year, quarterly revenue increased each quarter, and total annual revenue grew 7.7% to $85.25 million. The Company believes that it is now the industry's sole publicly traded independent broker/dealer beneficially owned predominantly by its advisors, clients, and employees.
"I am proud and privileged to be part of such a unique firm, one where the interests of investors, advisors, management, and staff are truly aligned," said Mr. Murphy. "I thank Ted for his leadership over the years and the opportunity to continue on the path we started with Investors Capital so long ago, to become not the biggest broker/dealer, but the best."
"I have been at the helm of Investors Capital for nearly twenty years, and I am extremely proud of how the company has prospered in that time," said Mr. Charles. "Tim has been instrumental in that growth, and I am confident that he, along with the management team, staff, and our valued advisors, will continue to take Investors Capital to new heights and even greater success."
Added Murphy, "I am grateful for the support from our advisors in making this transition a success, and I look forward to working with them for many years to come."
About Investors Capital Holdings, Ltd.:
Investors Capital Holdings, Ltd. (NYSE Amex:ICH) of Lynnfield, Massachusetts is a diversified financial services holding company that operates primarily through its independent broker/dealer and investment advisor subsidiary, Investors Capital Corp. Our mission is to provide premier, 5-star service and support to our valued registered representatives, including advisory programs, strategic practice management and marketing services, and focused technology, to help them grow their businesses and exceed their clients' expectations. Business units include Investors Capital Corp., ICC Insurance Agency, Inc., and Investors Capital Holdings Securities Corporation. For more information, please call (800) 949-1422 x4814 or visit www.investorscapital.com.