B. Riley Financial Considers Spinning Off Securities Business
- Split is said to envision independence for the investment bank
- Firm is seeking to recover from setbacks and writedowns
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B. Riley Financial Inc., seeking to recover from soured investments and a string of losses, has briefed its staff on a tentative plan to spin off its securities business into a separate company.
Senior officials have informed employees they’re looking at ways of splitting B. Riley’s operations, according to people familiar with the Los Angeles-based company. Plans envision the investment bank operating independently, led by Andrew Moore, the head of B. Riley Securities, and Jimmy Baker, the unit’s current president.