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Scottrade Sale Nearly Doubles Owner’s Wealth to $4Bn
Selling the family business to competitors has made Rodger Riney, 70 one of the world’s richest people. Riney, owner of closely held Scottrade Financial Services, founded the firm 36 years ago and now he will be ranked on the Bloomberg Billionaires Index with a $4 billion net worth after agreeing to sell his company to competitors TD Ameritrade and Toronto-Dominion Bank.
“Over the years, the question has come up about taking the firm public or selling. My answer was always ’no,’ because we were happy being independent,” said Riney. “That being said, the environment has become more challenging than ever and we’ve faced some of our own internal pressures. It seemed like the right time to think about a change.”
The deal, expected to close in September 2017, will make Riney the 2nd-largest individual shareholder of TD Ameritrade - after founder and fellow billionaire Joseph Ricketts. The discount trading industry has also made billionaires out of Charles Schwab and Thomas Peterffy, a Hungarian immigrant who owns most of publicly traded Interactive Brokers Group. All told, the four control nearly $27 billion.
